Woman crashes into store then tries to buy beer

NORWALK, Calif.—A convenience store became an unwilling drive-in when a 74-year-old woman plowed her car through the front window and then tried to buy a six-pack of Budweiser, police and the owner said.

Lynne Rice of Norwalk drove her 1988 Cadillac into Joe’s Food Mart and Video on Sunday evening, Los Angeles County sheriff’s Lt. Jenny Ha said.

The car plowed about halfway through the store but nobody was injured. Rice got out of the car, walked over to the cooler and pulled out a six-pack of Budweiser beer, said the store owner, who gave only his last name, Awada, to the Long Beach Press-Telegram.

“I don’t know how she managed to walk,” Awada said, adding a cashier declined the sale and instead called police.

Rice was taken to a hospital for examination because she had a pre-existing medical condition, Ha said.

She was also arrested for investigation of misdemeanor driving under the influence and released on $15,000 bail, authorities said.

Rice could not be reached for comment Tuesday. There was no telephone listing with her name in Norwalk.

Awada said the crash destroyed two 6-foot-wide glass panels. Damage was put at about $8,000.

Source: http://www.denverpost.com/ci_9754352?source=bb

Starbucks closing 600 stores in the US

SEATTLE (AP) — Starbucks Corp. has announced it’s closing 600 underperforming stores in the United States.

The Seattle-based premium coffee company also announced Tuesday it expects to open fewer than 200 new company-operated stores in the United States in fiscal 2009.

The company says it will try to place workers from closed stores in remaining Starbucks

Watchdog cuts oil supply forecast

Iranian oil field
Supplies are expected to wane among members of oil cartel Opec

Global oil supplies will grow more slowly than expected over the next five years, the International Energy Agency (IEA) has predicted.

Spare capacity in the world system would fall to “minimal levels” in 2013 amid rising demand from developing countries and supply problems, it said.

As a result the IEA cut its supply forecast by 2.7 million barrels per day (bpd) to 95.33 million bpd.

Oil prices rose to $142 a barrel after the report and amid market concerns.

In recent days, crude oil prices have pushed to record levels near $144, driven by supply concerns and strong demand in the Middle East and Asia.

Market constraints

Rising demand from developing countries and ongoing supply problems would be the main factors limiting capacity, the energy adviser said in its Medium Term Oil Market Report.

“Structural demand growth in developing countries and ongoing supply constraints continue to paint a tight market picture over the medium term,” the IEA report said.

The Paris-based group warned that declining output at maturing oilfields, as well as delays and cost overruns at new sites would lead to lower-than-expected growth in supplies.

Waning reserves among the members of oil production cartel Opec likely to add to the problems, the energy watchdog said.

While consumption would rise by an average of 1.6% a year - or 1.5 million bpd on average - until 2013, supply growth would drop to 1 million bpd from 2010.

In the wake of the report, US light sweet crude rose $2.06 to $142.06, while in London, benchmark Brent crude rose $2.41 to $142.24.

Source: http://news.bbc.co.uk/2/hi/business/7483312.stm

Mother And Daughter Banned From Disneyland

Awesome!

Chrysler cuts minivan productio

I cant believe it took them this long….

Chrysler minivans for sale
Chrysler’s sales were 25% down in May

Chrysler has announced plans to cut its production of minivans in the US as rising fuel costs have pushed consumers to switch to smaller vehicles.

One plant in St Louis will close and another will go from two shifts to one, affecting 2,400 jobs.

Rivals Ford and General Motors have also announced plans to make fewer larger vehicles.

Higher running costs have caused sales of minivans, trucks and sports utility vehicles to fall significantly.

“The market is fairly slow and consumer confidence has been down,” said Jim Press, Chrysler’s president.

“If we want to meet our financial targets, it is important to match our production to demand,” he said.

Sales of Chrysler vehicles in the US were down 25% in May. Earlier this month, Ford said it expected to make a loss this year and revealed plans to cut the production of trucks and large sports utility vehicles (SUVs) in favour of more fuel efficient models.

General Motors (GM) also said it was closing four SUV and truck factories in the US, Canada and Mexico in response to falling demand.

GM’s shares fell to their lowest level since 1954 on Monday after oil hit another record high price and investors feared this would further depress vehicle sales.

Its shares fell as low as $10.57 on Monday, before recovering to close at $11.50, down 4%.

Source: http://news.bbc.co.uk/2/hi/business/7482585.stm

High U.S. gas prices pinch NASCAR fans

I guess it was only a matter of time, a sport that consumes massive amounts of fuel and energy is starting to feel the effects…..

CHICAGO (Reuters) - Many NASCAR fans think nothing of jumping in their recreational vehicles or pickup trucks and driving 300 miles or more to watch races in places like Talladega, Alabama; Bristol, Tennessee; and Las Vegas.
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But rising gasoline prices are forcing them to make tough choices.

“The higher fuel prices have hit them hard,” said Roger VanDerSnick of International Speedway Corp, one of two major publicly owned race track companies. “We pull from such a huge geographical area.”

The National Association for Stock Car Auto Racing (NASCAR) has been one of the fastest growing sports in the United States, boasting a fan base of about 75 million, second only to the National Football League. It has the biggest stable of corporate sponsors of any U.S. sports league and TV deals worth $4.48 billion that run through 2014.

But its largely blue-collar fan base is feeling the pinch. While several tracks still sell out, others have seen crowds shrink.

VanDerSnick said the average percentage drop in ticket sales at ISC’s tracks was in the mid-single digit range, and fan spending on merchandise and concessions has declined similarly.

ISC, which operates race tracks in several states including the home of the Daytona 500 in Florida, competes with Speedway Motorsports. The France family owns 67 percent of ISC’s voting stock and also owns NASCAR.

Bad news for tracks is a June government report that showed Americans reduced the number of miles they drove for the sixth straight month in April, resulting in the biggest six-month decline since the oil shock of the 1979-80 Iranian revolution.

NASCAR’s advantage is its ability to sell each race as a unique event that many fans even build vacations around.

“If you’re a fan and make the decision to go to Talladega or MIS or Richmond, you definitely make those plans like other families would to go to Disneyland,” said Roger Curtis, president of the Michigan International Speedway in Brooklyn, Michigan. “It insulates us some.”

David Carter, executive director of the Sports Business Institute at the University of Southern California, said that while fans may grumble about the price of gas, they still regard going to some races as a pilgrimage.

“If it’s a special event and … these people have made a point out of going year-in and year-out, they might be inclined to stick with it another year,” Carter said.

Bob Montgomery, of Hastings, Michigan, attending MIS for a race on June 15, said the calculation was easy. “You buy your tickets a year in advance and then you weigh out, ‘OK, do you lose money from that or do you shell out more money for the gas?”‘ he said. “But it’s like, do you give it up? No.”

NASCAR has tried to remain fan friendly, allowing fans to bring in small coolers with their own food and drinks, and providing free parking at most tracks. Packages include all-you-can-eat deals, and tracks also offer nearby campgrounds to entice those who come for several days to view multiple car and pickup truck races.

ISC has kept most ticket prices unchanged, and rolled out payment plans as an option for financially strapped households that often buy tickets a year in advance.

The tracks also are upgrading their facilities to make them more attractive to fans.

At MIS, ISC has spent $12 million this year installing a new scoreboard, better seating, a new sound system and improved facilities at nearby campgrounds. The track also plans to boost marketing to draw more fans from Canada and from out of state to help offset a Michigan economy hit by the struggles of automakers General Motors Corp and Ford Motor Co.

Another factor protecting NASCAR is its increasing reliance on corporate money and TV rights fees, William Blair & Co analyst Bob Simonson said.

“(NASCAR’s) relative worry is much less because they have guaranteed contracts on very, very profitable sponsorship revenues and importantly the TV,” he said.

The profit margins for the TV and sponsorship businesses are twice those from tickets and concessions, and account for more than half the tracks’ earnings, Simonson said.

The danger would be sponsorship revenue drying up if economic weakness lasts a long time, but most of those deals run three to four years, he said.

(Reporting by Ben Klayman; additional reporting by Ben LaMothe in Brooklyn, Michigan)

Source: http://news.yahoo.com/s/nm/20080630/us_nm/economy_usa_nascar_dc

Oil equivalency graphic

Ever wonder just how much energy is contained in oil?

Pretty amazing….

Now ask yourself, what happens as it becomes more and more scarce?

9 in 10 see rising gas prices causing family hardship

That last graph is pretty shocking…. The percentage of people that feel they will be greatly effected has increase from around 65% to 90% in just one year.

By ALAN FRAM, Associated Press Writer

WASHINGTON (AP) — Four dollar a gallon gas has stolen a beach vacation in South Carolina from Julie Jacobs’ family and exotic bath washes from Angela Crawford. Phil English had to sell his beloved but fuel-guzzling red pickup.

Like a plague that does not discriminate by economic class, race or age, soaring gas prices are inflicting pain throughout the U.S. Nine in 10 expecting the ballooning costs to squeeze them financially over the next half year, an Associated Press-Yahoo! News poll said Monday.

Nearly half think that hardship will be serious. To cope, most are driving less, easing off the air conditioning and heating at home and cutting corners elsewhere. Half are curtailing vacation plans; nearly as many are considering buying cars that burn less gas.

As the price has spiraled upward so, too, has the public’s ire.

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Two-thirds consider gas prices an extremely important issue, edging the economy and outpacing health care and Iraq as the country’s most distressing problem. In November, when gas cost about $1 a gallon less than today, just under half rated it extremely important.

“Do you think there’s an end in sight? I don’t,” said the 33-year-old Crawford, a Dallas homemaker, said in an interview.

She says switching to bar soap from a favored lotion is one of many “little small luxuries” she has given up, along with fewer restaurant meals and new clothes. She also has talked with her husband, a flooring contractor, about finding a job involving less long-distance driving with his heavy van.

“It’s depressing and it makes you nervous,” she said.

The AP-Yahoo! News poll, conducted by Knowledge Networks, has tracked the same 2,000 people since last fall to see how their views change during the presidential campaign. The latest survey shows how the price of gas has caught or eclipsed every other issue, not just as a political topic but as a problem in peoples’ lives.

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“You’re saddened prices are going up and you can’t do the extra things you would have done,” said Amy Pysarenko, 35, of San Antonio, whose concern about gas prices has grown since November. She says while her family has cut back on amusement park visits and saving for their children, “I feel fortunate because maybe someone else eats beans instead of hamburgers.”

The 47 percent in the most recent survey who expect higher gas costs to cause serious hardship is about the same as in last year’s poll, but an increase from the 30 percent who said so in an AP-Ipsos poll in June 2004. Then, regular gas averaged $1.97 a gallon nationally, according to the federal Energy Information Administration.

Lower-income people, of course, are bearing the brunt of it. As higher prices push grocery, pizza delivery and other costs upward, just over half of those without college degrees — and about the same number earning less than $50,000 a year — are expecting serious personal financial problems to result.

“We just don’t do as much,” said William Fisk, 39, a former dishwasher in Freeport, Maine. “We used to go out to have dinner, but we’re cutting way back on that.”

Yet significant numbers of the better-off are feeling pain, too. Four in 10 people in families earning $50,000 to $100,000 annually, and one in six earning more than that expect serious financial hardships from rising gas costs, as do one in three college graduates.

Many lower-earning families are responding by easing their use of air conditioning and heating, trimming vacation plans and cutting other spending. But higher-income people are often not far behind.

Two-thirds earning under $25,000 a year are cooling and heating their homes less, as are nearly six in 10 people earning more than $100,000. Just over four in 10 of the lowest earners are cutting vacation spending — only slightly likelier than those earning at least six figures to do so.

Rich or poor, black or white, young and old, nearly everyone is looking to drive less: A nearly uniform seven in 10 say they are reducing driving. That compares with six in 10 who said so in an April 2005 AP-AOL survey.

Jacobs, a homemaker and mother of three in Baltimore, said gas costs forced her to turn down two summer trips — a cousin’s wedding in North Carolina and a vacation with her parents in Myrtle Beach, S.C.

“My parents said `Come down, spend a week with us,’” said Jacobs, 35. “But when you add on the expense of gas, it’s just not worth it.”

Ironically, Jacobs plans to begin taking lessons this week for her first driver’s license. “Just as prices go through the roof,” she said.

Four in 10 are considering buying a vehicle that gets better gas mileage than their current one. That is about the same number who said so three years ago.

Some have already taken that step. English of Papillion, Neb., sold his 1998 Ford pickup, which got about 13 miles per gallon, for a more fuel-efficient convertible.

“It was a nice truck,” said English, 43, an aircraft mechanic. “It didn’t feel good” to get rid of it “and it still doesn’t,” he said.

Image

Midwesterners are among the likeliest to think rising gas costs will cause them serious personal hardship; Southerners are among the more willing to reduce driving.

As a political issue in the presidential campaign, gas prices provide a slight edge to Democrat Barack Obama. More prefer him over Republican John McCain to handle it, 28 percent to 20 percent, while additional 18 percent trust both equally.

There also is a strong sense of powerlessness. One-third do not think either candidate can deal with the problem. That includes half of independents, one-third of Republicans and one-quarter of Democrats.

The AP-Yahoo! News survey of 1,759 adults was conducted from June 13-23 and had an overall margin of sampling error of plus or minus 2.3 percentage points. Included were interviews with 844 Democrats and 637 Republicans, for whom the margins of sampling error were plus or minus 3.4 points and 3.9 points, respectively.

The poll was conducted over the Internet by Knowledge Networks, which initially contacted people using traditional telephone polling methods and followed with online interviews. People chosen for the study who had no Internet access were given it for free.

— AP Director of Surveys Trevor Tompson and AP News Survey Specialist Dennis Junius contributed to this report.

Source: http://news.yahoo.com/page/election-2008….

Store Closings: Symptoms of A Depressed Economy

Store Closings: Symptoms of A Depressed Economy

June 07, 2008 07:04 AM EDT
1. Ann Taylor closing 117 stores nationwide A company spokeswoman said the company hasn’t revealed which stores will be shuttered. It will let the stores that will close this fiscal year know over the next month.

2. Eddie Bauer to close more stores - Eddie Bauer has already closed 27 shops in the first quarter and plans to close up to two more outlet stores by the end of the year.

3. Cache closing stores - Women’s retailer Cache announced that it is closing 20 to 23 stores this year.

4. Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide The owner of retailers Lane Bryant , Fashion Bug , Catherines Plus Sizes will close about 150 underperforming stores this year. The company hasn’t provided a list of specific store closures and can’t say when it will offer that info, spokeswoman Brooke Perry said today.

5. Talbots, J. Jill closing stores - About a month ago, Talbots announced that it will be shuttering all 78 of its kids and men’s stores. Now the company says it will close another 22 underperforming stores.

The 22 stores will be a mix of Talbots women’s and J. Jill, another chain it owns. The closures will occur this fiscal year, according to a company press release.

6. Gap Inc. closing 85 stores - In addition to its namesake chain, Gap also owns Old Navy and Banana Republic. The company said the closures - all planned for fiscal 2008 - will be weighted toward the Gap brand.

7. Foot Locker to close 140 stores - In the company press release and during its conference call with analysts today, it did not specify where the future store closures - all planned in fiscal 2008 - will be. The company could not be immediately reached for comment

8. Wickes is going out o f business - Wickes Furniture is going out of business and closing all of its stores, Wickes, a 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.

9. Goodbye Levitz - The furniture retailer, which is going out of business. Levitz first announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910 when Richard Levitz opened his first furniture store in Lebanon , PA. In the 1960s, the warehouse/showroom concept brought Levitz to the forefront of the furniture industry.

The local Levitz closures will follow the shutdown of Bombay.

10. Zales, Piercing Pagoda closing stores - The owner of Zales and Piercing Pagoda previously said it plans to close 82 stores by July 31. Today, it announc ed that it is closing another 23 underperforming stores. The company said it’s not providing a list of specific store closures. Of the 105 locations planned for closure, 50 are kiosks and 55 are stores.

11. Disney Store owner has the right to close 98 stores The Walt Disney Company announced it acquired about 220 Disney Stores from subsidiaries of The Children’s Place Retail Stores. The exact number of stores acquired will depend on negotiations with landlords.

Those subsidiaries of Children’s Place filed for bankruptcy protection in late March. Walt Disney in the news release said it has also obtained the right to close about 98 Disney Stores in the U.S. The press release didn’t list those stores.

12. Home Depot store closings - ATLANTA - Nearly 7+ months after its chief executive said there were no plans to cut the number of its core retail stores, The Home Depot I nc.ann ounced Thursday that it is shuttering 15 of them amid a slumping U.S. economy and housing market. The move will affect 1,300 employees.

It is the first time the world’s largest home improvement store chain has ever closed a flagship store for performance reasons. Its shares rose almost 5 percent. The Atlanta-based company said the underperforming U.S.stores being closed represent less than 1 percent of its existing stores. They will be shuttered within the next two months.

13. CompUSA clarifies details on store closings Any extended warranties purchased for products through CompUSA will be honored by a third-party provider, Assurant Solutions. Gift cards, rain checks, and rebates purchased prior to December 12 can be redeemed at any time during the final sale. For those w h o h ave a gadget currently in for service with CompUSA, the repair will be completed and the gadget will be returned to owners. http://www.news.com/8301-10784_3-9834177-7html < http://www.news.com/8301-10784_3-9834177-7.html >

14. Macy’s - 9 stores -

15. Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcyThe video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall.

16. Pep Boys - 33 stores

17. Sprint Nextel - 125 retail locations New Sprint Nextel CEO Dan Hesse appears to have inherited a company bleeding subscribers by the thousands, and will now officially be dropping the ax on 4,000 employees and 125 retail locations. Amid the loss of 639,000 postpaid customers in the fourth quarter, Sprint will be cutting a total of 6.7% of its work force (following the 5,000 layoffs last year) and 8% of company-owned brick-and-mortar stores, while remaining mute on other rumors that it will consolidate its headquarters in Kansas. Sprint Nextel shares are down $2.89, or nearly 25%, at the time of this writing.

18. J. C. Penney, Lowe’s and Office Depot are scaling back

19. Ethan Allen Interiors: The company announced plans to close 12 of 300+ stores in an effort to cut costs.

20. Wilsons the Leather Experts - 158 stores

21. Pacific Sunwear will close its 154 Demo stores after a review of strategic alternatives for the urban-apparel brand. Seventy-four underperforming Demo stores closed last May.

22. Sharper Image: The company recently filed for bankruptcy protection and announced that 90 of its 184 stores are closing. The retailer will still operate 94 stores to pay off debts, but 90 of these stores have performed poorly and also may close.

23. Bombay Company: The company unveiled plans to close all 384 U.S.-based Bombay Company stores. The company’s online storefront has discontinued operations.

24. KB Toys posted a list of 356 stores that it is closing around the United States as part of its bankruptcy reorganization. To see the list of store closings, go to the KB Toys Information web site, and click on Press Information

25. Dillard’s to Close More Stores Dillard’s Inc. said it will continue to focus on closing underperforming stores, reducing expenses and improving its merchandise in 2008. At the company’s annual shareholder meeting, CEO William Dillard II said the company will close another six underperforming stores this year.

Source: http://www.gather.com/viewArticle.jsp?articleId=281474977364401&nav=Art

Fertiliser shortage hits India’s farms

Its happening, right under our noses, and we still continue to drive 8 mpg hummers…. Anyone else see this coming, it was laid right out in front of you.
Prepare for food shortages later this year….
By Shilpa Kannan
BBC India Business Report

As the rains have arrived early in Northern India, the countryside has got a much needed respite from the scorching summer heat.

Paddy farmer Ram Nivas Sehrawat
If I had used a fertiliser the plants would have grown much taller by now
Paddy farmer Ram Nivas Sehrawat

Usually heavy rains at this time spells good news for the rice farmers of Haryana, Punjab and Delhi as its time to start planting in their fields.

But paddy farmer Ram Nivas Sehrawat, who works hard to grow rice crop out of his small plot of five acres just outside Delhi, is a worried man.

Mr Sehrawat has sowed his seeds and his paddy nursery is ready to be transplanted to his main fields.

But he has not been able to apply the vital dose of fertilisers at the right time and his paddy nursery is not looking healthy.

No fertiliser

Now as time is running out to plant them, he is upset.

Crops

Crops have failed to grow large because of a lack of fertiliser

“Look at my crops,” he says. “They are so small.”

This time of year it is essential for farmers to add diammonium phosphate (DAP) to their crops, but Mr Sehrawat has not been able to get hold of any.

“If I had used a fertiliser the plants would have grown much taller by now,” he says.

“I have been slaving in my nursery day and night pulling weeds out by my hand.

“With a fertiliser my crops would have been healthy enough to stave off weed infestation. You can’t really expect a big harvest without any fertiliser. My production will be down by at least 50%.”

He is not alone.

It is the crucial Kharif, or the monsoon crop, across northern India.

In a small shop on the town’s main street, most of the local farmers gather to find out when the fertiliser supply will be back.

The shopkeeper does not have an answer and yet again the farmers are sent away empty handed.

Rising subsidy bill

At a small factory in the outskirts of Delhi, workers pack bags of fertilizer to be sent out to the shops.

Fertiliser being bagged

Fertiliser supply is not keeping up with demand

The owner says the supply is tight because while the demand has gone up considerably this year, production has not followed pace.

India consumes millions of tonnes of fertiliser each year.

Production costs have risen on the back of soaring crude oil prices.

Globally fertiliser rates have tripled in the last year.

Prices of the three main fertilisers, nitrogen, potash and phosphate, have gone up by almost 300%.

Diammonium phosphate costs nearly $1,300 (£650) per tonne whereas farmers in India pay around $250.

The Indian government subsidises the price by nearly 85% for farmers, which in turn means India’s subsidy bill is getting bigger each year.

At the current forecasts it amounts to almost 2.5% of the country’s gross domestic product.

Raising production

JS Sarma, secretary to the Indian government’s fertilisers department, says he is worried about the global price rise, but the focus for him is to increase production.

Farmers outside shop

Shopkeepers can do little to help the farmers

The government wants to attract investment in additional domestic fertiliser capacity.

“We want to expand our existing capacities,” he says.

“We also plan to reopen some of our closed units - in fact eight are closed currently. All of them will reopen immediately.

“We’ll prioritise using the gas resources available in the country to produce more fertilisers.”

Angry farmers

But increasingly many countries across the world are beginning to recognise that expensive fertilisers, or even a supply shortage, is not just the a problem for the farmers.

Paddy farmers

Farmers say people might starve unless fertilisers arrive

It has a direct effect on the cost and availability of food. Across the world countries are looking at farmers to produce a bumper crop this year to overcome global food shortage. As fertiliser prices go up – food prices go up as well, threatening to force millions of poor people into starvation.

Back on the farms, Mr Sehrawat is still waiting for his supply.

“It is really urgent that we get our supplies,” he says.

“You can wait for monsoons - that’s not under anyone’s control - but you can’t be made to wait for fertilisers.

“At this rate, people have to keep waiting for rice on their plates. Nothing is going to grow on our fields.”

With general elections next year, the government in India could suffer the political consequences of poor agriculture output.

And the anger of unhappy farmers who cannot reap the benefits of a good monsoon.

Source: http://news.bbc.co.uk/2/hi/business/7475321.stm

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