Danish PM pushes for new referendum on euro

Friday, November 7, 2008

Anders Fogh Rasmussen, the Prime Minister of Denmark, said on Tuesday that he will seek broad parliamentary support for a national referendum on joining the euro, the common currency of the Eurozone.

“I’m convinced that we need broad support in parliament to hold a referendum, because it’s about the Danish currency and about stability and safety,” he said, speaking at his weekly press conference. “Recent events have shown the necessity to give the population the opportunity to vote on Denmark joining the euro.”

Berlingske Tidende is reporting that Rasmussen is meeting with political leaders to negotiate support for the referendum.

In 1992, Danish voters rejected the Maastrict Treaty in a referendum. It was only able to pass the following year after the Edinburgh Agreement granted Denmark an opt-out of the third stage of the Economic and Monetary Union of the European Union (EMU).

In 2000, Denmark again rejected the common currency in a euro referendum. The current currency of the Scandinavian country is the Danish krone. As part of stage two of the EMU, the exchange rate of the krone is allowed to fluctuate within a ±2.25% range to the euro.

In order to maintain this peg Danmarks Nationalbank, the central bank, adjusts interest rates and performs foreign exchange operations by buying and selling currency. To do this, Danmarks Nationalbank has had to raise rates twice, even as other central banks, including the European Central Bank (ECB), were lowering rates to deal with the current economic crisis.

As a result, interest rates in Denmark are now 175 basis points higher than the ECB’s rates. As recently as May, the difference was only 25 basis points.

Rasmussen heads the Venstre party which leads a minority coalition government. The main opposition party, the Social Democrats, also support adopting the euro as the nation’s currency.

While there has long been support among the politicians, the euro has failed when it has been put before the voters. However, recent opinion polls have shown a growing support for the euro among Danes. The most recent of these have seen those in favor just topping the 50% level needed to pass a referendum.

Rasmussen has said he wants a referendum put before voters before 2011. His government had originally planned to hold a referendum this past September to abolish the EMU opt-outs, but that was scrapped when Ireland voted down the Treaty of Lisbon.

On October 30, while in Stockholm, Sweden, Rasmussen said: “The euro ensures political and economical stability in Europe and the current financial turmoil makes it evident that Denmark has to join the Euro.”

Analysts consulted by Berlingske Tidende have said that an endorsement from the Socialist People’s Party (SF) could prove to be the tide-turner.

“If there was a vote, then I would vote Yes. But I am of the opinion that it is stupid to hold a vote unless we first have a real debate. We haven’t had a debate in eight years and all arguments need to be tested,” said Margrete Auken of SF.

Attendant Care Services Are Available For Seriously Injured Workers In North Carolina

Attendant Care Services Are Available For Seriously Injured Workers in North Carolina

by

Bob Bollinger

Unfortunately, some workers’ compensation injuries can result in more than disability from work. Certain injuries, such as traumatic head injuries and serious spinal cord injuries, can result in the injured worker not being able to take care of himself at home.

If you have received a catastrophic injury at work, then you may be entitled to “attendant care” services that are paid for by the workers’ compensation insurance company. These attendant care services can take many different forms, but commonly, attendant care involves a trained nursing assistant who can come to the injured worker’s home and stay with him through the day or night to provide the needed care. Twenty-four hour service can be provided if needed. Attendant care providers take care of the injured worker’s personal needs and make sure that the injured worker does not hurt himself further during everyday tasks such as cooking and taking a walk in the neighborhood. The workers’ compensation insurance company can be required by the Industrial Commission to pay for this care if it is medically necessary due to the on-the-job injury.

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We have had a number of clients over the years whose family members provided attendant care. This frequently comes up when the injured worker can generally function to some degree at home, but may need help otherwise handling certain activities of daily living. Sometimes, we can require the insurance company to pay the family member who is providing the care. The family member is paid an hourly rate that is comparable to what it would cost to hire an outside vendor to come into the home and provide the services.

The bottom line is this: If a person is catastrophically injured at work to the point that he needs someone tending to him at home on a daily basis, then attendant care services can be obtained from the insurance company. These services are expensive and the insurance company may not offer to pay for these things voluntarily, so you may need a competent workers’ compensation lawyer to help you obtain professional attendant care services, or payment to a family member for providing those services.

The 2011 changes to the NC Workers’ Compensation Act make it crucial that you consult with a competent attorney at the first sign of a need for attendant care services. Under the 2011 changes in the law, it may not be possible to get past attendant care services paid for, after the fact, by the insurance carrier, so it is crucial to pursue reimbursement immediately through the proper channels at the first sign of the need for attendant care services. And those services will no doubt improve the life the of seriously injured worker.

About the Author: Attorney Bob Bollinger is a Board Certified Specialist in North Carolina Workers\’ Compensation Law. He has practiced law in Charlotte, NC, since 1988, and has been a Certified Specialist since 2000. He is available for free initial consultations by telephone, email or in person. Click here to obtain a free consultation and evaluation of your North Carolina workers\’ compensation claim:

BollingerLawFirmNC.com

Article Source:

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Fiddle Legend Vassar Clements dead at 77

Wednesday, August 17, 2005

Vassar Clements, age 77, a legendary fiddle player who took bluegrass music from an obscure cultural art form to a mainstream influence, and who played on over 2000 albums, passed away at his Goodlettsville, Tennessee home August 16th 2005 at 8:35 am Nashville time (CST) from lung cancer which had metastasized to his liver and brain.

Mr. Clements taught himself to play the fiddle at age 7, and though he had no formal training was recognized as one of the world’s most versatile fiddle players and was considered a virtuoso. The first song he learned was “There’s an Old Spinning Wheel in the Parlor”. He described his talent saying, “It was God’s gift, something born in me. I was too dumb to learn it any other way. I listened to the (Grand Ole) Opry some. I’d pick it up one note at a time. I was young, with plenty of time and I didn’t give up. You’d come home from school, do your lessons and that’s it. No other distractions. I don’t read music. I play what I hear.”

He didn’t always earn his living playing music, though. In the mid-1960s he was employed briefly at the Kennedy Space Center in Florida, where he worked on plumbing. He also performed several other blue-collar jobs including work in a Georgia paper mill, as switchman for Atlantic Coast Railroad; he even sold insurance and once owned a potato chip franchise.

In his 50 year career he played with artists ranging from Woody Herman, and the Nitty Gritty Dirt Band to The Grateful Dead, Linda Ronstadt and Paul McCartney, and earned at least five Grammy nominations and numerous professional accolades. He once recorded with the pop group the Monkees by happenstance, when he stayed behind after an earlier recording session. He also appeared in Robert Altman‘s 1975 film “Nashville”.

His 2005 Grammy award for best country instrumental performance was for “Earl’s Breakdown,” by the Nitty Gritty Dirt Band, and featured Mr. Clements, Earl Scruggs, Randy Scruggs and Jerry Douglas.

Mr. Clements, whose last performance was February 4 in Jamestown, N.Y., was hospitalized earlier this year for 18 days to receive chemotherapy and other treatment. He had been diagnosed in March 2005.

Born in Kinard, South Carolina, his musical career began at age 14 when he associated with Bill Monroe, and later officially joined the Blue Grass Boys band where he remained for seven years. In 1957 he joined bluegrass band Jim & Jesse McReynolds where he remained until 1962. In 1967 he returned to Nashville where he became a much sought after studio musician.

After a brief touring stint with Faron Young he joined John Hartford‘s Dobrolic Plectral Society in 1971 when he met guitarist Norman Blake and Dobro player Tut Taylor, and recorded Aereo Plain, a widely acclaimed newgrass album that helped broaden the bluegrass market and sound. After less than a year he joined Earl Scruggs, who first earned widespread renown for playing the theme to sitcom The Beverly Hillbillies.

His 1972 work with the Nitty Gritty Dirt Band on their album Will the Circle Be Unbroken earned him even wider acclaim, and later worked with the Grateful Dead’s Wake of the Flood and Jimmy Buffett‘s A White Sport Coat and a Pink Crustacean.

Though he played numerous instruments, Mr. Clements indicated that he chose the fiddle over guitar recalling that, “I picked up a guitar and fiddle and tried them both out. The guitar was pretty easy, but I couldn’t get nothing out of the fiddle. So every time I’d see those instruments sitting side by side, I’d grab that fiddle.”

Big band and swing music were considerable influences upon his style and musical development, and he said that, “Bands like Glenn Miller, Les Brown, Tommy Dorsey, Harry James and Artie Shaw were very popular when I was a kid. I always loved rhythm, so I guess in the back of my mind the swing and jazz subconsciously comes out when I play, because when I was learning I was always trying to emulate the big-band sounds I heard on my fiddle.”

His last album ‘Livin’ With the Blues’, released in 2004, featured guest appearances by Elvin Bishop, Norton Buffalo, Maria Muldaur and others.

Mr. Clements’ daughter Midge Cranor wrote on his website [1] that “As I was still holding his hand his breathing stopped. I looked at the clock and it was 7:20 am.”

Mr. Clements’ remains have been transported to Bond Memorial Chapel, 1098 Weston Drive, Mt. Juliet, TN 37122; (615) 773-2663.

“Woofstock” dog festival in Toronto, Ontario, Canada

Tuesday, June 12, 2007

North America’s largest outdoor dog festival came back to Toronto last weekend for its fifth year. It ran from the 9th of June to the 10th of June at Toronto’s historical St. Lawrence Market. A Wikinews reporter was there on Sunday to report on some of the events that happened on the last day.

The “Woofstock” dog festival attracted as many as 140,000 people with their dogs. The festival had tons of accessories, sold under tents, to buy for dogs; food, toys, designer clothes, and more. About 400 vendors and exhibitors were there to promote their products, which also gave private dog companies or groups a chance to show their new products. The local SPCA and some animal rescues were under tents answering questions from visitors. While walking, all visitors could see the CN Tower and other very tall buildings.

One of the local TV stations, Citytv, was there. They hosted a live event at the show which was broadcast on TV. People came up on the stage and asked questions regarding their dogs and the host and co-host answered them.

A man, who called himself the “Chalk Master”, drew two pictures on pavement with chalk. He did it for free but donations were welcome. One was a picture of a girl’s head beside a dog’s head, and another with a wolf.

“Hello Humans. I’ve been invited here to provide your eyeball(s), with some pretty colours. I don’t get paid as I work this weekend strictly for tips… so, if you like what you see please make a DONATION. If you don’t like it simply reach into the pocket of the person next to you and give me their money. CHALK MASTER.”

A contest called “Canada’s top dog” had its own tent with a professional photographer taking pictures of dogs behind a white screen; the winning photo is to be published on the cover of “Puppy and dog basics” magazine.

Large “Gourmet” dog bones were also served from a cart and table.

Next year’s festival is expected to be bigger and better with even more attractions.

Which Trade Show?}

Submitted by: Lawrence Reaves

The success of trade shows has meant an ever increasing number of them are available to attend each year. While its good to know that exhibiting at a trade show will enhance your company profile and increase sales, the vast number of trade shows that are around means it can be a little difficult choosing one that is the most appropriate for your needs.

Exhibiting at a trade show can be fairly expensive, but thats not an issue if new business targets are met and you get a good supply of new leads and referrals. However, choose the wrong trade show and it can be a very expensive failure.

You need to set aside plenty of time to research all the various trade shows that will be setting up in your location during the year. However, before you start researching trade shows, work out with your colleagues exactly what you expect to achieve from exhibiting at a trade show. For example, maybe you want to concentrate on selling products, or perhaps you want to get new prospective customers which you can sell your products and services to later? A lot depends on the type of products or services you provide, but the trade show must attract a target audience that fits your companys business model.

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When you have got a clear outline of what you want to achieve it time to commence the research to find the most appropriate trade show event. Visit the websites of trade shows that you feel fit into your companys profile. Read any independent reports and reviews. See which companies exhibited the previous trade shows and then contact them; you can learn a lot from getting in contact with previous exhibitors. If they were disappointed they will tell you why and if they felt it was a success then they will let you know.

Next, ascertain how many competitors will be attending. You can get this list from the trade show organizers, if it isnt on their website. Check whether the expected number of people attended; theres nothing worse than a half empty trade show floor. Check out whether there are going to be exhibitors at the trade show that complement your own companys business; complementary businesses at the same show will enable you to get referrals.

Once you are satisfied that the trade show covers your area of business and that previous events were successful you need to get yourself booked in and to sort out your booth space. Try to get booth space that is not in a line that is full of competitors. The ideal place is amongst booths whose businesses complement yours. They will be pleased you are next door and you can set up a referral system in advance to maximise visitors to your booth.

Advance planning is one of the key factors to making a trade show event successful, but researching trade shows also ensures that you make the correct decisions, maximize the chances of success and minimize the chances of failure.

About the Author: Written by Lawrence Reaves for Exhibit Deal –

exhibitdeal.com/

– who specialize in the manufacture and production of trade show displays, digital signage, large format graphics, and an unending collection of accessories that are superior in todays market.

Source:

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Soft drink foes cheer victory, lament remaining junk foods in schools

Monday, May 8, 2006

Last week’s announcement that most soda manufacturers will stop selling their sugary products in U.S. schools did not mention that avoiding lawsuits was part of the motivation for the self-imposed ban. Some of those who threatened legal action to stop the soda sales are patting themselves on the back over the agreement, while lamenting that the deal did not go far enough, and now plan to press for more restrictions.

“Though there is room for improvement — sugary “sports” drinks still will be sold in schools, for instance — this voluntary agreement is certainly good enough that CSPI will drop its planned lawsuit against Coca-Cola, PepsiCo, Cadbury-Schweppes and their bottlers,” said Michael F. Jacobson, the executive director of the Center for Science in the Public Interest . “I hope this settlement contributes to the momentum that is building in Congress for legislation that would require USDA to update its standards for foods sold outside of school meals. That would enable USDA to eliminate the sale of candy, cookies, French fries, potato chips, and other snack foods, as well as sports drinks, that are standard fare in school vending machines and stores.”

In the wake of the announcement of the agreement by the three largest soft drink companies, their bottlers and the public health advocacy group, the Alliance for a Healthier Generation, Jacobson thanked his team of litigators for “negotiating effectively with the soft-drink industry over the past six months, and for demonstrating that the judicial system can play an important role in spurring public health advances.”

Richard Daynard, a law professor and president of the Public Health Advocacy Institute, which threatened the soft-drink industry with lawsuits, said in an institute press release, “The industry agreement with the Clinton Foundation and American Heart Association comes after sustained pressure from potential litigation and negotiations with public health groups and their lawyers. It is a credit to the role of litigation and the legal system as a component of effective public health strategy.”

“This agreement demonstrates the potential of public health litigation to help control the obesity epidemic,” he said.

In an email exchange with the James Logan Courier, Margo Wootan, director of Nutrition Policy for the Center for Science in the Public interest, said, “Last week’s announcement that soft drink companies will pull all sugary sodas from schools is great step toward improving school foods. This agreement is the culmination of the tremendous national momentum on improving school foods — from the local policies (in LA, NYC, Chicago, Philadelphia, DC, etc.), state bills (in 2005, 200 bills were introduced in 40 states to get soda and junk foods out of schools), the strong bipartisan bill pending in the U.S. Congress, and threats of litigation against soda companies.”

“While today’s agreement is a huge step forward, it is by no means the last step” wrote Wootan, ” We still have a lot of work to do to improve school foods.”

The agreement, announced Wednesday morning by the William J. Clinton Foundation, means that the nation’s biggest beverage distributors, and the American Beverage Association, will pull their soda products from vending machines and cafeterias in schools serving about 35 million students, according to the Alliance for a Healthier Generation, a joint initiative between the Clinton Foundation and the American Heart Association.

Under the agreement, high schools will still be able to purchase drinks such as diet and unsweetened teas, diet sodas, sports drinks, flavored water, seltzer and low-calorie sports drinks for resale to students.

The companies plan to stop soda sales at 75 percent of the nation’s public schools by the 2008-2009 school year, and at all schools in the following school year. The speed of the changes will depend in part on school districts’ willingness to change their contracts with the beverage distributors.

Some food activists criticized the deal for not going far enough and undermining efforts to go further.

Michele Simon, the director of the Center for Informed Food Choices, based in Oakland, Ca., called the deal “bogus” and a “PR stunt” by “Big Cola” in an effort to “sugar coat it’s image.”

“This announcement could potentially undermine ongoing grassroots efforts, state legislation, and other enforceable policies,” wrote Simon in an article at www.commondreams.org,” For example, in Massachusetts where a stronger bill is pending, a local advocate is worried about the adverse impact, since legislators could easily think that Clinton has taken care of the problem and ignore the bill. What was already an uphill battle—getting schools and legislatures to take this problem seriously—was just made worse, not better, by this bogus agreement.

“Even from a health standpoint, the deal is hardly impressive. Diet soda full of artificial sweeteners, sports drinks high in sugar, and other empty-calorie beverages with zero nutritional value are still allowed in high schools,” Simon wrote, “Also, parents concerned about soda advertising in schools will not be pleased with the agreement. Not a word is mentioned about the ubiquitous marketing children are subjected to daily in the form of branded score boards, school supplies, sports bags, and cups (just to name a few), which is required by exclusive Coke and Pepsi contracts. “

She’s not the only one criticizing the deal.“ While the initial details are promising, PHAI is concerned about some aspects of the agreement as it is being reported,” Daynard said in the press release. “The continual sale of “sports drinks” is a cause for concern. While they have a role for marathon runners and others engaged in sustained strenuous sports, for most students “sports drinks” are just another form of sugar water. Furthermore, the change in beverages offered must be carefully monitored and cannot depend entirely on the schools’ willingness and ability to alter existing contracts. Soda companies have spent decades pushing these unhealthy drinks on children and should bear the responsibility for their removal. PHAI is also concerned about the enforcement of this agreement and its silence on industry marketing activities in the school system,” he said.

“Importantly, the agreement doesn’t address the sale of chips, candy, snack cakes, ice cream, or any of the other high-fat, high-calorie, high-salt foods that are sold widely in schools,” said Wootan of the Center for Science in the Public Interest, “This is a voluntary agreement and is not enforceable, we need Senator Harkin’s school foods bill to lock in the beverage standards and give them the force of law.”

Even the diet drinks, which will still be offered, need to go, said Ross Getman, an attorney in Syracuse, NY. Getman has advocated that soda should not be sold in public schools and that long-term “pouring rights” agreements, which give a company exclusive access to sell their brands at a school, are illegal for a variety of reasons.

Getman, who contends that some diet sodas are contaminated with benzene, a cancer-causing chemical, said the soda “industry gets an “F” for incomplete” for “the industry’s failure to pull all soda from school and to recall products.”

Schools account for about $700 million in U.S. soft-drink sales, less than 1 percent total revenue for Coca-Cola, PepsiCo and Cadbury, the nation’s largest soda companies.

Ten of the largest U.S. school districts have already removed soft drinks from vending machines, according to Getman. States including California, Maine and Connecticut have also banned sugary sodas in schools.

Chula Vista, California becomes model for blight control laws in the US

Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

That kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

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CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.

The Best Protection For Your New Company

byadmin

Starting a business is fraught with risk but also phenomenally rewarding for the successful entrepreneur. As your business begins to take off and pay rewards, you must be ever mindful of the downside. It is where Business Insurance in Commerce, MI enters the picture. No one thinks twice about insuring their automobiles and their home, you must also insure your business and its assets in the event of an event such as a natural disaster, liability, theft and many other pitfalls that can befall a business. As the business owner, if you cannot afford to cover the potential losses alone then insurance is mandatory.

Look at what you need:

There are many different types of business insurance, not every business needs them all and different businesses will require different insurances. If your are renting space, regardless of whether it is a business office or a commercial center, the first thing to do is ask the landlord what insurance, if any, is included in the lease contract. If the landlord does carry insurance it will be on the structure and perhaps the contents of your office.

Many people start their business using personal assets, you may be using the family car to make sales calls or you may have brought a couple of computers from home to use in the office. If this is the case, check with the agent who currently handles your auto and home insurance and see if the use you are putting the assets to now is covered.

Liability:

Most small startup companies are either sole proprietorships or partnerships, rarely are they incorporated at this stage of development. As a result, you will need liability insurance otherwise you will be personally responsible for any and all actions of your business and in the event of damage to another person or another person’s property, you will have to pay directly.

Business insurance in Commerce, MI includes a few different types of liability insurance, the most common of which is general liability. This insurance will cover any claims made on you by any other person, customer or otherwise, that may injure themselves while on your premises. In many cases, product liability is also a worthy insurance to have; this insurance will provide cover in the event of a product malfunction.

Business insurance in Commerce, MI is available from Insurance Advisors, Inc. You can tailor make a policy that will cover your specific requirements.

Egypt struggles to recover tourism, investment

Friday, February 10, 2012

Standard & Poor’s downgraded Egypt’s currency rating for the second time in four months based on the country’s shorfall in foreign reserves and shaky political transition. It’s the latest development for a nation facing mounting economic diffuclties.

Egypt’s foreign reserves fell by over 50 percent last year to about US$16 billion. Egypt has requested US$3.2 billion from the International Monetary Fund to bolster its reserves and prevent a devalation but that could take months.

Experts say that Egypt’s problem of attracting foreign investment and tourists, which are two sources that would increase reserves, has already caused the Egyptian pound to lose 1 percent of its value and if the country doesn’t solve the shortfall in foriegn currency, it could even lead to a further currency devaluation within the next two to three months.

The long-term solution is to restore tourism and foreign investments but both are suffering because of the continuing unrest.