Category Archives: Money

Plastic To Fuel

By: Luke Dormehl of Digital Trends

To achieve this, they have pioneered a new chemical conversion process, capable of converting more than 90 percent of polyolefin waste — the polymer behind widely used plastic polyethylene — into high-quality gasoline or diesel-like fuel. The results could be a game-changer.

“We have developed a method to convert polyolefin waste, which include Type 2 (HDPE), Type 4 (LDPE and LLDPE), and Type 5 (PP), into various useful products,” Nien-Hwa Linda Wang, a professor in Purdue’s Davidson School of Chemical Engineering, told Digital Trends. “The conversion is achieved using subcritical or supercritical water, which can convert plastic waste into oil, fuels, or gas, depending on the processing conditions. Some impurities in the plastic waste is converted into oil or extracted into the processing water. Both conversion and extraction are achieved in the same process.”

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Trump Finances and Foreign Influence To Be Investigated

By: Jeremy Herb and Manu Rahul of CNN

House Intelligence Committee Chairman Adam Schiff announced Wednesday a broad investigation his committee would undertake “beyond Russia” into whether President Donald Trump’s financial interests are driving his actions.
Schiff said the investigation would “allow us to investigate any credible allegation that financial interests or other interests are driving decision-making of the President or anyone in the administration.”
“That pertains to any credible allegations of leverage by the Russians or the Saudis or anyone else,” Schiff told reporters after the House Intelligence Committee’s first meeting in the new Congress.
In a statement, Schiff said the investigation would include a continued probe into Russia’s actions during the 2016 election and contacts between the Russia and Trump’s team, as well as an examination of “whether any foreign actor has sought to compromise or holds leverage, financial or otherwise, over Donald Trump, his family, his business, or his associates.”
Schiff said the investigation, which could involve additional congressional committees, would also look at whether Trump or his associates have “sought to influence US government policy in service of foreign interests” and any potential obstruction into the various investigations.
Schiff’s announcement is the most detailed look yet into how congressional Democrats will investigate Trump’s finances and possible ties to foreign entities, and how Democrats are sure to continue probing Trump and his team well after special counsel Robert Mueller’s investigation had concluded.
Trump reacted Wednesday to Schiff’s announcement by slamming the California Democrat and saying Schiff has “no basis to do that.”

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Canada Supreme Court Says Clean Up Old Oil Gas Wells Before You Pay Your Creditors

By: Emma McIntosh of Calgary

When energy companies go bankrupt, the cleanup of their old oil and gas wells must take priority over paying off creditors, the Supreme Court of Canada ruled Thursday.

Though centred in Alberta, the 5-2 decision sets a precedent across Canada, empowering provincial governments to stop defunct companies from off-loading their messes onto other companies or the public. The judgment is expected to resonate across the western provinces, where the number of companies walking away from old wells has skyrocketed amid low oil prices.

“Bankruptcy is not a licence to ignore rules,” wrote Chief Justice Richard Wagner in the court’s decision.

Though the Alberta government, the province’s energy regulator and environmental groups hailed the court’s decision as a victory, critics noted the underlying problems that led to the Redwater case remain. In some bases, a company’s assets may not be enough to cover cleanup costs. 

“The fact of the matter is that when these companies go bankrupt, they have very little resources left,” said Daryl Bennett, director of Action Surface Rights, a group that helps farmers with inactive wells on their land. Such wells can cause safety issues and contamination for the people living around them, Bennett added.

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FDA linked to Opioid Crisis

By: Chris McGreal of the Guardian

The Food and Drug Administration is sacrificing American lives by continuing to approve new high-strength opioidpainkillers, and manipulating the process in favor of big pharma, according to the chair of the agency’s own opioid advisory committee.

Dr Raeford Brown told the Guardian there is “a war” within the FDA as officials in charge of opioid policy have “failed to learn the lessons” of the epidemic that has killed hundreds of thousands of people over the past 20 years and continues to claim about 150 lives a day.

Brown accused the agency of putting the interests of narcotics manufacturers ahead of public health, most recently by approving a “terrible drug”, Dsuvia, in a process he alleged was manipulated.

“They should stop considering any new opioid evaluation,” said Brown. “For every day and every week and every month that the FDA don’t do the right thing, people drop dead on the streets. What they do has a direct impact on the mortality rate from opioids in this country.”

Brown, an anesthesiologist who chairs the FDA committee of specialists advising the agency on whether to approve new opioid painkillers, said he no longer had confidence in repeated assurances by the FDA leadership that it was taking the epidemic seriously and prepared to put public health above the commercial interests of drug makers.

“I think that the FDA has learned nothing. The modus operandi of the agency is that they talk a good game and then nothing happens. Working directly with the agency for the last five years, as I sit and listen to them in meetings, all I can think about is the clock ticking and how many people are dying every moment that they’re not doing anything,” he said. “The lack of insight that continues to be exhibited by the agency is in many ways a willful blindness that borders on the criminal.”

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Wealth Inequality Widens Exponentially

By: Casey QuackenBush

Global wealth inequality widened last year as billionaires increased their fortunes by $2.5 billion per day, anti-poverty campaigner Oxfam said in a new report.

While the poorest half of humanity saw their wealth dwindle by 11%, billionaires’ riches increased by 12%. The mega-wealthy have also become a more concentrated bunch. Last year, the top 26 wealthiest people owned $1.4 trillion, or as much as the 3.8 billion poorest people. The year before, it was the top 43 people.

Oxfam’s annual study, released as political and business leaders prepare to descend on Davos for the World Economic Forum, emphasized that this growing inequality is compromising the fight against poverty.

“The size of your bank account should not dictate how many years your children spend in school, or how long you live – yet this is the reality in too many countries across the globe,”said Winnie Byanyima, Executive Director of Oxfam International.

Since the financial crisis almost a decade ago, the number of billionaires has nearly doubled, with a new one created every two days between 2017 and 2018. At the same time, the mega-rich and wealthy corporations are enjoying lower tax rates than they have in decades, the report said.

“Governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy,” Oxfam said.

Women and girls are hit hardest by the growing wealth gap, according to Oxfam. “Girls are pulled out of school first when the money isn’t available to pay fees, and women clock up hours of unpaid work looking after sick relatives when healthcare systems fail,” it said.

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Bigger Issues Revealed From Government Shutdown

By: Emmie Martin

The partial government shutdown, which began Dec. 22, has now stretched well into the new year. President Donald Trump said Friday that it would continue for “months or even years” until he receives the requested $5 billion in funding for a border wall.

The shutdown has left approximately 800,000 federal workers in financial limbo. Around 420,000 “essential” employees are working without pay, while another 380,000 have been ordered to stay home, according to calculations provided to CNBC by Paul Light, a professor of public service at New York University.

In some cases, the furloughs have forced government employees to tap into their savings, rely on credit cards or crowdsource funds to make ends meet.

Government workers are far from alone in feeling stressed about not getting paid. Nearly 80 percent of American workers (78 percent) say they’re living paycheck to paycheck, according to a 2017 report by employment website CareerBuilder. Women are particularly vulnerable: 81 percent of them report living paycheck to paycheck, compared with 75 percent of men.

Tony Reardon, president of the National Treasury Employees Union, tells CNBCthat the group has heard from hundreds of frantic federal employees. “They’re scared,” he says. “They don’t know how they’re going to put food on the table.”

Various #ShutdownStories making that point have gone viral on Twitter.

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Gene Editing The Next Social Divide

By: Emma Court

Gene editing is one of the most promising new approaches to treating human diseases today. 

It also raises “enormous” ethical questions, Bill Gates recently warned, and “could make inequity worse, especially if it is available only for wealthy people.” 

“I am surprised that these issues haven’t generated more attention from the general public,” he said in a December blog post, adding that “this might be the most important public debate we haven’t been having widely enough.” 

Gene editing allows scientists to make powerful, precise changes to a person’s DNA, typically to fix a defective gene.

Ethical concerns about what the approach might be used for have long existed, but it came to a boil recently when a Chinese researcher said he had played a role in creating the first genetically edited babies. 

Gene editing has already taken place in humans in the US as a one-time treatment for disease. But unlike those efforts, the Chinese scientist’s work would allow genetic changes to be passed down to other generations. It quickly sparked backlash, with many researchers describing the project as concerning and unethical. 

Gates’ warning, released as part of the billionaire philanthropist’s 2018 wrap-up, appears to have been prompted by that recent news. 

“I agree with those who say this scientist went too far,” Gates said. “But something good can come from his work if it encourages more people to learn and talk about gene editing.”

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Climate Change Deniers Are Becoming A Danger To Society

By: Jennifer Rubin

Imagine during the Cold War that one political party, in the face of overwhelming evidence that the Soviet Union was engaged in espionage against the United States, had a nuclear arsenal pointed at the United States, kept Eastern Europe under its thumb and imprisoned dissenters, refused to consider the Soviet Union a danger — of any sort — to the United States or other Western democracies. And they would offer no credible evidence to the contrary, but rather assert that it was all a hoax. Besides, they’d insist (with no evidence) that it was too expensive to address the challenge posed by the Soviet Union, a danger which they claimed didn’t exist (So how expensive could it be? Don’t ask!). Actually, you don’t have to imagine this scenario. Many on the left have made arguments along these lines, and many on the right have responded by saying they were fuzzy-headed, in denial or captive of interest groups.

That is essentially what is going on, only with the parties flipped, in the climate-change debate. Climate-change denial has become as necessary to one’s right-wing identity as aversion to immigration, opposition to most abortions and a disbelief that sexual harassment and assault are widespread. Just as rejecting geopolitical reality became a requirement of inclusion in far-left circles, climate-change denial is a must for those who want to remain in the Trump fold.

On what basis do they deny climate change? President Trump says he knows a lot about science, so believe him instead of all the scientists who work for the federal government. Others seek refuge in the fantasy that there is reasonable doubt as to the existence of climate change or the severity of the problem, citing fringe characters without expertise on the subject. Those who know better or suspect climate-change denial is irrational (but are too cowardly to confront know-nothings who dominate the party) are willing to string along with the mob, even at the expense of endangering the country and the planet. Republican senators from Florida and Texas, where their constituents’ lives and property are threatened by the rising sea levels that result from rising temperatures, won’t admit the origin of the problem. They simply want bailout money each time another disaster strikes.

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Elon Musk Explains What Fuels Him

By: CNBC

Elon Musk has become infamous for his extreme work schedule.

When he was ramping up production of the Model 3 Tesla, he put in as many as 120 hours in a week. He slept at the factory because he had no time to go home. He called 2018 “the most difficult and painful year of my career.” “[I]t was excruciating,” he told The New York Times.

In late October Musk finally said he was working a much more manageable schedule of 80 to 90 hours a week.

This from a man who is already worth more than $20 billion, according to Forbes.

So why does Musk push himself? To hear Musk tell it, he is trying to save planet Earth. Literally. Musk wants Tesla to be successful so the world moves away from driving cars that run on petroleum-derived fuel.

“Tesla is incredibly important for the future of sustainable transport and energy generation. The fundamental purpose, the fundamental good that Tesla provides is accelerating the advent of sustainable transport and energy production,” Musk said told Recode’s Kara Swisher. “The success of Tesla is, by far, the biggest forcing function for the other car makers to get into … electric cars.”

Providing alternative methods for mass transportation that do not depend on petroleum-derived fuel is key to slowing global warming.

“Yes. It’s very important for the future of the world. It’s very important for all life on Earth. This supersedes political parties, race, creed, religion, it doesn’t matter. If we do not solve the environment, we’re all damned,” Musk told Swisher.

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U.S. Pulls Out Of Syria as Isis is Defeated

By : BBC

The Pentagon said it was transitioning to the “next phase of the campaign” but did not give details.

Some 2,000 troops have helped rid much of north-eastern Syria of IS, but pockets of fighters remain.

It had been thought defence officials wanted to maintain a US presence to ensure IS did not rebuild.

There are also fears a US withdrawal will cede influence in Syria and the wider region to Russia and Iran.

Both the Pentagon and the White House statement said the US had started “returning United States troops home as we transition to the next phase of this campaign”.

The Pentagon said it would not provide further details of what that next phase is “for force protection and operational security reasons”.

The White House said the US and its allies stood “ready to re-engage at all levels to defend American interests whenever necessary, and we will continue to work together to deny radical Islamist terrorists territory, funding, support and any means of infiltrating our borders”.

What has been the reaction?

Israel said it had been told the US had “other ways to have influence in the area” but would “study the timeline [of the withdrawal], how it will be done and of course the implications for us”.

Russia’s Foreign Ministry spokeswoman Maria Zakharova said on state-controlled Channel One TV that the US decision could result in “genuine, real prospects for a political settlement” in Syria.

Pulling troops out of Syria had long been promised by President Trump.

But the announcement may have taken some of his own officials by surprise. 

Last week Brett McGurk, special presidential envoy for the global coalition to defeat IS, told reporters at the state department: “Nobody is saying that [IS fighters] are going to disappear. Nobody is that naive. So we want to stay on the ground and make sure that stability can be maintained in these areas.”

The state department abruptly cancelled Wednesday’s daily briefing after the withdrawal was announced.

One of Mr Trump’s supporters, Republican Senator Lindsey Graham, who sits on the armed services committee, called it a “huge Obama-like mistake”.

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