Hammered by the financial crisis that has led to ever diminishing income, a group of residents in northern Greece have joined forces with potato farmers to slash consumer prices and ensure producers can get their crop to markets by cutting out the middle man.
Hundreds of families turned up Saturday in this northern Greek town to buy potatoes at massively reduced prices, sold directly by producers at cost price. They lined up in cars and with bicycles, on foot and with scooters to collect their bags of spuds from a truck that flung its doors wide open and was doing a roaring trade in the parking lot of a local courthouse.
Farmers say it costs about 20 cents ($0.27) to produce a kilogram (2 pounds) of potatoes, but that wholesalers will only buy them for 10-12 cents to get the crop to supermarkets, where they sell for about 60-70 cents a kilogram. Faced with making a loss, many producers say they have been unable to even get their products to the market.
Greece’s severe financial crisis, now entering its third year, has seen pensions and salaries slashed and led to skyrocketing unemployment of over 20 percent. More and more people have been turning up at soup kitchens run by the church or local aid groups, and homelessness has been increasing.
Faced with an ever deepening recession, some local groups have begun coming up with novel ways to beat the financial crunch.
Ilias Tsolakidis, 54, part of a volunteer group in northern Greece, said he contacted a potato farmer in northern Greece last week and posted an advertisement on the internet offering consumers the chance to order directly from the producer at cost price. He was overwhelmed by the response: by Wednesday, all 24 tons of potatoes on offer had been sold, with 534 families putting in orders.
His motive, Tsolakidis said, was “to cover a financial gap in the family budget. You know, the situation in the financial crisis has become very difficult. We help producers (from the local area) on the one hand, and also the families of consumers.”
Kiki Pantelopoulou couldn’t agree more.
“I didn’t only do this because it’s in my interest,” said the 42-year-old as she loaded a sack of potatoes onto her bicycle. “My main concern is how to stop this situation. This way, we favor Greek products and therefore producers can at least make the cost price.”
Tsolakidis said that with demand so high, his group of volunteers would set up another sale next weekend, buying another 24 tons of potatoes from a different farmer this time.
Konstantinos Karanikos, 67, said his son helped him order sacks of potatoes from Saturday’s sale over the internet, but could only secure half the amount he wanted because the demand was so high. “We will order again next weekend,” he said. “The important thing is for the producer to be satisfied and the consumer to have cheap potatoes.”
With the crop being sold at cost price of 20 cents a kilogram, Lefteris Kostopoulos, the farmer who put his spuds up for sale Saturday, didn’t make any profit on the transaction. But, he said, at least he managed to break even and sell more than half of the produce he had stored up in a warehouse.
“This group’s move was very good. It helped us shift the amounts we had in the warehouses, and we didn’t give them to the wholesalers who are asking for 10-12 cents per kilo,” he said. “We might not make money here, because we’re essentially breaking even, but at least we aren’t making a loss.”
Kalypso Skouba, 44, said she hoped the new movement spread to other products soon, so she could buy more vegetables or fruit directly from producers.
“I bought potatoes today just to show that it can’t only be the middlemen who make money,” she said.
Timothy F. Geithner, who took over the Treasury Department in the midst of the worst financial crisis since the Great Depression and oversaw the almost doubling of U.S. public debt, has done better for investors than Robert Rubin while falling short of Henry Paulson.
Since Geithner assumed office in January 2009, returns on Treasuries have exceeded bonds of other countries by 0.3 percentage point on an annualized rate, according to Bank of America Merrill Lynch index data. That
A suicide bomber detonated his car Sunday as a group of police recruits left their academy in Baghdad, killing 20 in the latest strike on security officials that angry residents blamed on political feuding that is roiling Iraq.
Police said the suicide bomber was waiting on the street outside the fortified academy near the Interior Ministry headquarters in an eastern neighborhood in the Iraqi capital. As the crowd of recruits exited the compound’s security barriers around 1 p.m. and walked into the road, police said the bomber drove toward them and blew up his car.
“We heard a big explosion and the windows of the room shattered,” said Haider Mohammed, 44, an employee in the nearby Police Sports Club, about 100 yards (meters) from the academy’s gate. He described a horrific scene of burning cars, scattered pieces of burned flesh and wounded people flattened on the ground.
“Everybody here knows the time when the recruits come and go from the academy,” Mohammed said. “This is a breach of security.”
Five policemen were among the dead; the rest were recruits. Another 28 recruits and policemen were wounded.
Officials at three nearby hospitals confirmed the casualties.
All officials spoke on condition of anonymity because they were not authorized to release the information.
Iraq’s police are generally considered to be the weakest element of the country’s security forces, which are attacked in bombings and drive-by shooting almost every day. The last big assault on police came in October, when 25 people were killed in a string of attacks that included two bombers slamming explosives-packed cars into police stations.
Recruits, too, are a favorite target: Suicide bombers killed scores of young men lined up for security jobs or otherwise at training centers in Baghdad and the northern city of Tikrit in recent years. The public outcry that followed from lawmakers and residents after those attacks spurred the government to bolster training and recruiting centers with better protections.
But, as Sunday’s attacks showed, extremists are easily able to sidestep security measures. At Baghdad’s police academy, recruits generally are escorted out of the compound to ensure their safety. But once they get to the street outside, they are on their own.
It was at that point the bomber struck on Sunday. The group of recruits had left the compound’s barrier gates and were crossing the road to hail a taxi or bus ride home after finishing a two-week training course.
Shiite lawmaker Hakim al-Zamili, who sits on parliament’s security and defense committee, said the academy’s officials should have been more careful about letting the recruits go at the same time every day. He said that was a pattern that insurgents easily noted.
“This was negligence by security officials in charge of the academy security,” al-Zamili said.
Al-Zamili blamed al-Qaida for launching the attack but raised the possibility that it aimed to ramp up bitterness among Iraqis already exasperated with ongoing political fighting that has consumed the government for weeks. “The political feuds are contributing to such security violations because they are demoralizing the security members,” he said.
No group immediately claimed responsibility for the bombing, but suicide attacks are a hallmark of al-Qaida.
Al-Qaida’s potency in Iraq has thinned since its heyday five years ago, when the country teetered on the brink of civil war. But last week, Iraqi and U.S. officials acknowledged al-Qaida remains a viable threat, noting fears that local fighters in the Sunni-dominated insurgent network were shifting to Syria to aid forces opposing the regime of President Bashar Assad.
But some of Baghdad’s residents said Sunday’s attack likely was rooted in political turbulence that has shaken Iraq in recent weeks.
In findings that were expected to hike already-simmering sectarian tensions, a judicial panel last week said that at least 150 attacks and assassinations since 2005 were linked to Vice President Tariq al-Hashemi, Iraq’s highest-ranking Sunni official.
The charges against al-Hashemi, who has sought haven from arrest in the autonomous northern Kurdish region, were first brought in December by the Shiite-led government of Prime Minister Nouri al-Maliki. Al-Hashemi has denied the charges and is expected to give a speech in coming days to defend himself.
“The people were expecting such attacks because of the current tense political atmosphere in the country,” said Ali Rahim, 40, a government employee. “Those poor recruits were looking to send the salary to their families and now they are going to be sent as dead bodies to these families.”
Al-Hashemi is a member of the secular but Sunni-dominated Iraqiya political bloc, which on Sunday accused the government of rehashing the charges on state TV at the risk of inflaming current strains.
Repeating the accusations against al-Hashemi “will provoke the public and create more tension as political blocs are working to defuse the tension and end the crisis,” Iraqiya spokeswoman Maysoun al-Damluji said in a statement.
The judicial panel’s findings against al-Hashemi are not legally binding, and he is entitled to a trial. But it opened the door to let 15 relatives of those killed in the attacks linked to al-Hashemi file lawsuits against him on Sunday.
McDonald’s extreme-green shamrock shake is going nationwide for the first time, the fast food franchise revealed on Wednesday.
The leprechaun-colored shake is currently available at every one of McDonald’s (, Fortune 500) 14,000 U.S. restaurants, according to company spokeswoman Ashlee Yingling.
The shamrock shake itself isn’t new. It’s been offered by McDonald’s restaurants at or around St. Patrick’s Day since 1970. But in the past, only certain restaurants offered the familiar green shake.
In its 42 years of existence, the shamrock shake has developed what McDonald’s refers to as a "cult-like" following among certain aficionados who prize its vivid-green hue.
So where does the shamrock shake gets its color? It’s basically a vanilla shake with mint flavor, said Yingling, and it gets the green hue from the syrup.
Like many of McDonald’s products, the shamrock shake once had its own mascot, named Uncle O’Grimacey, who appeared in commercials while singing a jaunty jingle about the shake.
O’Grimacey is an Irish version of the more well-known Grimace character, a rotund, purple creature of uncertain origin. O’Grimacey is green, of course, and unlike the naked Grimace, he wears clothes: a vest with shamrocks on it and a top hat of the sort worn by leprechauns.
But O’Grimacey won’t be pitching the shamrock shake this year.
"We will not be bringing back Uncle O’Grimacey or the jingle you referenced," said Yingling, when asked about his whereabouts.
KFC’s Double Down fails to take off
In fast food parlance, the shamrock is considered a "special" shake because of its exotic look and flavor. Not one to be outdone, the fast food franchise Jack in the Box () offers its own "special" drink: the bacon shake.
The bacon shake debuted on Feb. 2 and is only available for a limited time at certain restaurants, said Jack in the Box spokesman Brian Luscomb.
He said the bacon shake contains bacon-flavored syrup. But it contains no actual bacon, so it could actually be consumed by vegetarians, so long as they don’t mind milk products.
Denny’s to raise menu prices
The bacon shake also contains a lot of calories: 773 for a 16-ounce drink, according to Jack in the Box. That’s more than a 16-ounce shamrock shake, which contains 680 calories, according to McDonald’s.
But what did you expect? It’s a milk shake!
"Shakes are typically higher in fat and calories, but the bacon shake has about the same nutritional content as the other shakes," said the Luscomb, comparing it to other Jack in the Box products.
Euro-area confidence in the economic outlook improved less than forecast in January as the region
Canada is looking at alternatives for exporting its oil since U.S. President Barack Obama announced he was blocking a pipeline from Alberta to Texas.
A pipeline executive said Thursday that the company was weighing whether to build a segment of the line _ from Oklahoma to Texas _ that wouldn’t require U.S. State Department approval. And government officials said Canada would push harder for a pipeline to the Pacific Coast, where oil could be shipped to China.
At the same time, Canadian officials said, they are hopeful the 1,700-mile (2,740-kilometer) Keystone XL pipeline will be built.
Alberta Premier Alison Redford, the leader of the Canadian province that has the world’s third-largest reserves of oil, said that while Canada is disappointed at Obama’s decision, the government believes Obama has made it clear the U.S. would consider a new Keystone XL pipeline application with a new routing.
Obama called Prime Minister Stephen Harper to explain that the decision on Wednesday was not on the merits of the pipeline but rather on the “arbitrary nature” of a Feb. 21 deadline set by Republican legislators as part of a tax measure he signed, Harper’s office said.
“The fact that the president has said that the decision was not based on the merits we take as a signal that there is an opportunity to make a decision that is in the national interest that allows the project to go ahead,” Redford told The Associated Press in a telephone interview.
Calgary-based TransCanada Corp., which proposed the pipeline, said Thursday it was considering building the pipeline in segments, with the first connecting an existing pipeline in Oklahoma to refineries in Texas.
The Obama administration had suggested development of an Oklahoma-to-Texas line to alleviate an oil glut at a Cushing, Oklahoma, storage hub.
“If our shippers are interested in building that portion of the pipeline (first), we would look at that,” TransCanada President and CEO Russ Girling told The Associated Press in an interview.
Obama’s rejection of Keystone XL “clearly gives flexibility to do that,” Girling said. He emphasized that the company had made no decisions.
U.S. officials have said that building the pipeline in sections could speed up the process since the U.S. State Department would not be involved if the pipeline does not cross the U.S.-Canada border.
Girling’s remarks were in contrast to a statement TransCanada issued on Wednesday declaring it would reapply for a presidential permit to build the full pipeline. Girling said the company still expects to reapply, but “will take our time for how to refile it.”
He said a new route that avoids environmentally sensitive areas of Nebraska should be made public in a matter of weeks
In Washington, the proposed $7 billion pipeline has become a political hot potato.
Republicans _ who earlier put the president in the awkward position of having to make a decision on it before Feb. 21 _ now hope to force Obama to deal with it yet again before next November’s presidential election. He wants to put it off beyond that.
Republicans are looking to drive a wedge between Obama and two key Democratic constituencies. Some labor unions support the pipeline as a job creator, while environmentalists fear it could lead to an oil spill disaster.
The Alberta-to-Texas pipeline proposed by TransCanada would carry 800,000 barrels of oil a day from Alberta across six U.S. states to the Texas Gulf Coast, which has numerous refineries.
Natural Resource Minister Joe Oliver said it’s clear the process is not yet over and said Canada is hopeful the pipeline will be accepted on its merits.
Redford said Obama’s decision adds urgency to Enbridge’s proposed pipeline to the Pacific Coast of British Columbia that would allow Canadian oil to be shipped to Asia for the first time.
The project is undergoing a regulatory review in Canada.
“Asian markets are a very viable alternative. I say alternative, I probably shouldn’t. It’s not an either or situation. There’s an opportunity here for us to grow our markets in both directions and we’d like to be able to do that,” Redford said.
Canadian officials see the pipeline to the Pacific coast as critical as Canada seeks to diversify its energy customer base beyond the United States, which Canada relies on for 97 percent of its energy exports.
Alberta has more than 170 billion barrels of oil reserves. Daily production of 1.5 million barrels from the oil sands is expected to increase to 3.7 million in 2025. Only Saudi Arabia and Venezuela have more reserves.
Sinopec, a Chinese state-controlled oil company, has a stake in Enbridge’s proposed $5.5 billion Northern Gateway Pipeline. Chinese state-owned companies also have invested more than $16 billion in the oil sands in the last two years.
Tens of billions more are expected to be invested in Canada’s oil sands if the Pacific pipeline is built.
There is fierce environmental and aboriginal opposition to the Pacific pipeline, but Harper’s government has called it a nation-building project that is crucial to the country’s goal of becoming an energy super power.
Billionaire investor George Soros said a fracturing of the euro area would have
The Kansas City Federal Reserve Bank promoted its information technology chief to the bank’s No. 2 post under the institution’s new president, Esther George.
Kelly Dubbert, who has worked at the Kansas City Fed since 1986, will be first vice president at the institution and its chief operating officer, the bank said in a statement on Tuesday.
George took the reins at the bank in October after long-time hawk Thomas Hoenig retired. George’s personal views on monetary policy are not widely known.
Dubbert would participate in discussions at the Federal Reserve’s policy-setting Federal Open Market Committee if George were absent business card design.
Dubbert has a bachelor’s degree from Kansas State University and is a graduate of Harvard University’s Advanced Management Program and the Wisconsin Graduate School of Banking. He had headed the Kansas City Fed’s information technology division since 2006.
After a customer backlash, Verizon Wireless on Friday dropped a plan to start charging $2 for every payment subscribers make over the phone or online with their credit or debit cards.
In a statement on its website Friday, the company said “customer feedback” prompted the decision to drop the “convenience fee” it wanted to introduce on Jan. 15.
Verizon wanted to steer people to electronic check payments, which are cheaper, and automatic credit card payments, which are more reliable.
A petition on Change.org against the fees had gathered more than 95,000 names by Friday afternoon, a day after Verizon, the country’s largest cellphone company, announced the fees. The petition was set up by Molly Katchpole, who earlier this year started a successful campaign to make Bank of America drop a $5-per-month fee for debit card use electronic check payday advance.
Payment processors for power companies usually charge “convenience fees” of up to $5 for every payment made by phone or online, but cellphone companies haven’t taken the step yet. The furor against Verizon hints that they may have to wait further.
Verizon Wireless serves 91 million phones and other devices on accounts that pay the company directly, and more who pay indirectly through other companies. It’s a joint venture of Verizon Communications Inc. of New York and Vodafone Group PLC of Britain.
Wall Street dealers made it tougher for hedge funds to finance trading of securities and derivatives in the three months through November, a Federal Reserve survey showed today.
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