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Brazil's landslide death toll reaches 803 - report
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Sun Jan 23, 2011 9:54am EST
* Hundreds missing, feared buried beneath mud and wreckage
* Disaster now second-worst in Brazil's history-newspaper
Jan 23 (Reuters) - The death toll from floods and landslides that devastated a mountainous region near Rio de Janeiro has reached 803, state authorities said on Sunday, as rescue teams scoured the mud for the hundreds still missing.
The disaster now ranks as the second-worst recorded in Brazil's history, according to United Nations data published in the Estado de Sao Paulo newspaper on Saturday, eclipsed only by a meningitis outbreak that killed 1,500 people in 1974.
Entire hillsides collapsed last week in the Serrana region, about 60 miles (97 km) north of Rio, after the equivalent of a month's rain fell in 24 hours.
Avalanches of mud and water ripped through mainly poor communities, tossing cars atop buildings and burying families alive.
At least 207 people were recorded missing earlier this week, suggesting the final death toll could be close to 1,000. [ID:nN19260703]
Local officials estimated at least 300 were missing after the landslides, which have also left thousands homeless.
Fears are now growing about disease outbreaks in the area. Alexandre Padilha, the health minister, visited the worst-affected town of Nova Friburgo on Saturday, and state health authorities have warned against coming into contact with contaminated river water.
Landslides and flash floods are common in much of Brazil at this time of year, but the scale of the disaster has prompted renewed concerns that authorities failed to plan or take action to prevent the disaster.
Earlier this week, the Brazilian government vowed to set up a national early warning system that could alert communities to approaching natural dangers.
(Reporting by Samantha Pearson; Editing by Paul Simao)
President Barack Obama on Frid....
In ‘reboot,’ Obama names GE’s Immelt to head new jobs panel
WASHINGTON — President Barack Obama on Friday named General Electric’s CEO Jeffrey Immelt as the chair of the White House’s new Council on Jobs and Competitiveness, restructuring his economic team to place an emphasis on job creation.
Speaking after touring a future GE battery manufacturing plant in Schenectady, N.Y., Obama called Immelt “one of the nation’s most respected and admired business leaders,” adding that in the days ahead he will announce more economists and business leaders who will join Immelt on the new jobs-focused panel.
Obama said that “putting the economy into overdrive” is a top priority for his administration, recommitting himself to spending the next two years trying to speed up the economic recovery. His success or failure there is likely to be the central issue of the coming 2012 presidential campaign.
“Our job is to do everything we can to ensure that businesses can take root, and folks can find good jobs,” the president said. “We’re going to build stuff, and invent stuff,” he added, emphasizing the need to boost American exports to countries around the world, an issue that was a focus during the visit of Chinese President Hu Jintao to the White House earlier this week.
In appointing GE’s Immelt — who for the past decade has run the diversified technology, media and financial services company — the president is solidifying his administration’s efforts to improve its relationship with the business community, with whom the White House has had strained ties for the last two years.“That’s where the customers are. It's that simple,” Obama said.
(Msnbc.com is a joint venture between Microsoft and NBC Universal, which is owned by GE.)
The move was quickly welcomed by business, with whom Obama is trying to thaw relations that chilled over his healthcare and financial regulatory reforms.
The "President's Council on Jobs and Competitiveness" replaces an economic recovery advisory panel led by former Federal Reserve Chairman Paul Volcker, who is stepping down when his group dissolves next month.
Bringing Immelt on board is the latest sign from Obama that he is serious about building better ties with business.
Why I Don’t Buy the Quora Hype
Quora is a new question-and-answer site on which a few notable members of Silicon Valley’s tech elite have expressed their opinions. Some of the discussions have been very informative; some, completely misinformed. Some questions are of general interest, such as: Will there be a tech sector crash in the near future?; some are obscure: Who are the most successful entrepreneurs with Iranian roots?; some are just plain silly: How much does Netflix spend on postage each year? Quora’s membership is growing largely because of the attention that TechCrunch has given it (including the Best Startup award). Over the last month, I have received dozens of messages from TechCrunch readers asking what I think about Quora and why I am not using it.
The answer is simple: I think that Quora will continue to be an excellent resource if the same people who have been hyping it, and who have invested in it, keep posting their thoughtful answers. But I believe that the excess hype is destined to make Quora a victim of its own press. The quality of answers will decline. The people whose opinion I value, such as Quora’s #1 respondent, Robert Scoble, will simply stop posting on the site when they get drowned out by the noise from the masses. They will turn away after having their posts voted down (so that they look less important than their peers) and being personally subjected to the types of mindless, anonymous attacks that you see in the comments section of TechCrunch.
Not to say that there aren’t many other smart people who will post good answers. But when there are hundreds of answers to a given question, by people you have never heard of (often with fictitious names), how will you separate the wheat from the chaff? And how will you distinguish fact from fiction? You certainly can’t trust the rankings of the respondents when these rankings are themselves generated by Quora users.
Quora says it will educate users on its policies, guidelines, and conventions and that it will moderate answers more effectively. It claims that the site does not allow anonymity. But you can easily sign up for a Quora account with any of your Twitter accounts (you can create as many of these as you want—with fictitious names). You can then vote down answers from people you don’t like, edit questions asked by others, and post your own views. You can talk about your own products and services, and disparage others’; in other words, it is a spammers’ paradise. How is Quora going to manage hundreds of thousands—or millions—of unruly users, when even the mighty Google seems to be losing the battle for spam?
Right now, Quora is tech focused. Its fans proudly proclaim that its usage will spread, just as usage of Twitter did; that it will become a platform for everything from product research to customer service to education. Robert Scoble expects it to create a “great community and way for people to communicate about what’s interesting in their lives in a new way”.
Silicon Valley is again drinking its own Kool-Aid; it is looking at the world through its own prism. This is a common problem here, where we jump from one fad to another; where venture capitalists start investing in similar technologies and drive company valuations through the roof; where TechCrunch hypes the technology du jour and causes entrepreneurs all over the world to drop what they are doing in favor of building copycat technologies.
Quora isn’t going to be a Facebook or a Twitter. It is not likely to even catch up with the current market leaders in the Q&A space—Answers.com and Yahoo! Answers (which both get more than 40 million unique visitors a month, compared with Quora’s meager 150,000). Unlike Facebook, where everyone socializes, and Twitter, where ordinary people tell their friends what they are thinking, a Quora-like tool is only for those who want to learn what their intellectual peers are saying on, or to research, a particular topic. This is for the tech types—who dabble in technology and dream about things like startups and funding.
What is more likely to happen and makes far more sense is that a new generation of private, gated communities will grow and evolve. This is where people with common interests will gather and exchange ideas. For example, for people seeking legal advice, there is LawPivot, and for businesses looking for experts, there is Focus. For techies, there are sites like StackOverflow, Slashdot, Hacker News; for children, there is Togetherville; for business students, there is PoetsandQuants; for entrepreneurs in India, there is StartupQnA; for Indian accountants, there is CAClubIndia; and China has its own groups, and so do many other countries. Why do the Silicon Valley elite believe that everyone will flock to a U.S.-based tech site like Quora?
I am not delusional enough to believe that I can predict the future or guess what the technology landscape will look like a couple of years from now. But I can make one educated guess. My guess is that TechCrunch will stop talking about Quora within a few months and that we’ll be discussing the next big fad.
**Photo Credit: Andrew Fair
Editor’s note: Vivek Wadhwa is an entrepreneur turned academic. He is a Visiting Scholar at UC-Berkeley, Senior Research Associate at Harvard Law School and Director of Research at the Center for Entrepreneurship and Research Commercialization at Duke University. You can follow him on Twitter at @vwadhwa and find his research at www.wadhwa.com
Bite the bullet
In the first of three articles on the euro zone’s sovereign-debt woes, we present our estimate of the burdens on the currency club’s four most troubled members
The euro area's debt crisis
Jan 13th 2011 | from PRINT EDITION
THE euro zone’s strategy for tackling its sovereign-debt crisis is failing. A makeshift scheme was put in place in May to help countries that cannot otherwise borrow at tolerable interest rates. That lowered but did not remove the risk that a country may default for want of short-term funds. But the bond market’s nerves have been shredded again by the likelihood that from 2013, when a permanent bail-out mechanism is due to be in place, it will be easier to restructure an insolvent country’s debts. More worrying still for private investors, this seems set to give official creditors preference over others.
As a result, bail-outs are making private investors less rather than more keen to hold a troubled country’s bonds. As old debts are refinanced and new deficits funded by the European rescue pot and the IMF, the share of such a country’s debt held by official sources will steadily rise. That will leave a shrinking pool of private investors to bear losses if debts are restructured. And the smaller that pool becomes, the larger the loss that each investor will have to accept. Bond purchases by the European Central Bank (ECB) aimed at stabilising markets have further diminished the stock in private hands.
This perverse dynamic argues for a restructuring of insolvent countries’ debts sooner rather than later. But when is a debt burden too heavy to be borne? A first indicator against which to make that judgment is the ratio of gross public debt to GDP. Most rich economies, including the euro area’s most troubled, have large budget deficits and so will be adding to their debts for years. Today’s toll is not so important. What matters is how big the debt burden will be when it stabilises.
Column 2 of the table below shows The Economist’s estimates of the likely burden for the four most beleaguered euro-zone countries. To keep our projections as simple and objective as possible, we have imposed identical (and thus necessarily stylised) assumptions about growth and interest rates on all. Because all four countries suffer from a lack of competitiveness, a recovery in real GDP in the face of fiscal austerity will probably require a drop in wages and prices. For that reason, we assume that nominal GDP falls before recovering to its 2010 level. The interest rate on new debt is pegged at 5.25%, a bit less than Ireland will have to pay on its rescue funds from the European Union and the IMF
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Matt Yglasias: Growing Wealthier
Kaid Benfield writes up the Center for Clean Air Policy’s new study,
In particular, the authors observe thatapplication of smart growth principles can improve the bottom line for businesses, household budgets and government balance sheets by increasing property values, cutting fuel and infrastructure costs, creating jobs, enhancing public health and strengthening communities. Cities investing in public transportation and downtown development are experiencing cost savings, growing tax revenues, increased property values and booming retail sales, while pent-up demand for walkable communities is reshaping the real estate market.
Lots of things happen under the banner of “smart growth” and I’m sure that not all of them are economically beneficial. But the core idea of smart growth is to use space efficiently. For whatever reason, that idea sort of first took hold in green circles since when space is used efficiently there’s less consumption of energy for heating, lighting, and transportation. But the inefficiencies involved in anti-density regulatory mandates and investment priorities are just as much ecomomic growth issues as they are allocative issues.