Iranian minister woos Indian businesses

NEW DELHI (AP) ? As Western sanctions squeeze Iran and its currency tumbles, the country's energy minister wooed Indian businesses on Wednesday for more investment and trade.

Majid Namjoo told a meeting of Indian business leaders that there are huge opportunities to do business with Iran's private sector, which remains largely unaffected by sanctions imposed by the United States and the European Union.

Namjoo is on a four-day visit to India to explore the possibilities of trade and joint ventures in renewable energy, power, pharmaceuticals, agriculture and food processing.

The United States and the European Union have imposed sanctions on Iran to deter it from pursuing a nuclear weapons program. Iran insists its nuclear program is for peaceful purposes.

The U.S. has pressed India to scale back its imports of Iranian crude to support those sanctions, but energy-starved India remains one of Iran's biggest oil purchasers.

Indian National Security Adviser Shivshankar Menon denied on Wednesday that Iran was a divisive issue between India and the United States.

"We both seek the same end, a negotiated resolution of the Iranian nuclear issue without the spread of nuclear weapons," he said. "We may have different judgments as how to get to that goal."

Namjoo said the Iranian government has been privatizing government companies to reduce the impact of Western sanctions, and that a large number are open for investments.

"We are trying to make Iranian industries more competitive in price and quality. This is a big opportunity for Indian companies to invest in Iran, or in third countries through joint ventures with Iranian firms," Namjoo said.

He said Iran is preparing for a future when it will run out of oil and gas resources and is searching for renewable energy options.

Namjoo said India and Iran could work together in the field of hydroelectric energy in which Iranian companies have extensive expertise. Iran is exploring the feasibility of exporting some 4,000 megawatts of electricity to India.

India has been actively searching for investment deals with Iran as an ad hoc barter arrangement to pay its oil bills.

India imports around 70 percent of its oil needs, of which about 11 percent comes from Iran. It has been facing enormous problems over payments for the Iranian oil.

New Delhi initially channeled payments through German-based Europaisch-Iranische Handelsbank. But after the sanctions kicked in, the two countries moved to Turkey's Turkiye Halk Bankasi AS to facilitate payments.

That channel may also become inoperable after EU intervention. In February, Iran and India reached an agreement under which India would pay for 45 percent of the oil in Indian rupees, with the rest to be settled through a barter arrangement in goods and services.

The fallout of the sanctions is beginning to be felt by Iran, its currency and its people.

The Iranian rial, which has lost more than half its value in the past year, last week tumbled to its lowest value against the U.S. dollar ? 35,000 rials to a dollar. The currency's plunge was marked by small street protests in the tightly controlled society.

But a defiant Namjoo told journalists that while his country could weather the effect of sanctions, Iran's European neighbors were worse off.

"Iran is a big country. We will survive the sanctions," he said.

India, too, has been slowly easing its dependence on Iranian oil.

India also has strategic interests in the Iranian neighborhood. New Delhi is helping to develop the southern Iranian port of Chabahar and a rail link that will offer it direct access to landlocked Afghanistan and Central Asia.

Source: http://news.yahoo.com/iranian-minister-woos-indian-businesses-142926750--finance.html

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This Spicy Ferris Wheel Adds a Little Amusement Your Kitchen Counter [Kitchen]

If you're going to do any sort of serious cooking, you're going to need some spices. And if you're going to have some spices, you're going to need a way store them in a way where you can see what you need and get at it quick. This clever spice rack ferris wheel takes care of both those problems in one fell swoop. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/3rM3UUypJbo/a-spicy-ferris-wheel-for-your-kitchen-counter

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Australia's Stevens linked to BoE governor job - report

LONDON (Reuters) - Australian central bank chief Glenn Stevens has been approached by British Treasury officials seeking a new head for the Bank of England after governor Mervyn King steps down next year, the Sunday Times newspaper reported.

Stevens, 54, has been governor of the Reserve Bank of Australia since September 2006 and is the country's highest paid public servant, with an annual salary of over A$1 million (619 thousand pounds), more than double King's earnings.

The Reserve Bank of Australia (RBA) and Britain's Treasury declined to comment on the report, which the newspaper attributed to sources in London's financial district.

As an overseas outsider Stevens would be free of criticism aimed at some favourites to replace King because of their connections to regulation, policy making or commercial banking during the credit crunch which ravaged Britain's economy and banks.

An economist who styles himself the "most boring man in Sydney", Stevens is regarded as a pragmatist, shifting last year from warning of higher interest rates to cutting them twice in succession within months.

Under his leadership, the RBA was one of the first central banks to start slashing rates during the global financial crisis in 2008, even though domestic inflation was running above 4 percent. His term ends in September 2013.

Britain is seeking "a person of undisputed integrity and standing" to take over from King from July 1 next year, according to the job advert.

His successor will serve a single eight-year term and take on greater responsibility for keeping the financial system stable and regulating banks, as well as managing inflation and the economy through monetary policy.

Candidates have until 0730 GMT (8:30 a.m. British time) on Monday to submit their applications, with a decision due by the end of the year. It is the first time the job has been formally advertised.

The Treasury has declined to confirm the names of applicants for the post, which currently carries an annual salary of 308,000 pounds.

Favourites with bookmakers include BoE Deputy Governor Paul Tucker, Financial Services Authority Chairman Adair Turner and Britain's former top civil servant Gus O'Donnell.

Senior figures from the commercial banking industry also in the frame include Jim O'Neill, the chairman of Goldman Sachs's asset management division.

Bank of Canada governor Mark Carney has ruled himself out after rumours of his candidacy circulated earlier this year.

(Reporting by Tim Castle in London and Morag MacKinnon in Sydney; Editing by Mark Potter)

Source: http://news.yahoo.com/australias-stevens-linked-boe-governor-job-report-113429985--business.html

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Calif. gas prices hit all-time high

Costco members fill up with discounted gasoline at a Costco gas station in Van Nuys, Calif., Friday, Oct. 5, 2012. Californians woke up to a shock Friday as overnight gasoline prices jumped by as much as 20 cents a gallon in some areas, ending a week of soaring costs that saw some stations close and others charge record prices. (AP Photo/Damian Dovarganes)

Costco members fill up with discounted gasoline at a Costco gas station in Van Nuys, Calif., Friday, Oct. 5, 2012. Californians woke up to a shock Friday as overnight gasoline prices jumped by as much as 20 cents a gallon in some areas, ending a week of soaring costs that saw some stations close and others charge record prices. (AP Photo/Damian Dovarganes)

Gasoline prices higher than $5 per gallon are posted at a Menlo Park, Calif., Chevron station on Friday, Oct. 5, 2012. Californians woke up to a shock Friday as overnight gasoline prices jumped by as much as 20 cents a gallon in some areas, ending a week of soaring costs that saw some stations close and others charge record prices. The average price of regular gas across the state was nearly $4.49 a gallon, the highest in the nation, according to AAA's Daily Fuel Gauge report. (AP Photo/Noah Berger)

Lorena Delara takes a picture of the total she paid after filling up her tank with gasoline at a gas station Friday, Oct. 5, 2012, in San Diego. Delara paid $81.27 for a little over 15 gallons of gas. A 20-cent jump overnight in California gas prices has put the state ahead of Hawaii for the nation's most expensive gas. (AP Photo/Gregory Bull)

Rudy Rocha delivers gas to a Costco gas station in Tustin, Calif., Friday, Oct. 5, 2012. A 20-cent jump overnight in California gas prices has put the state ahead of Hawaii for the nation's most expensive gas. (AP Photo/Jae C. Hong)

Lorena Delara fills up her tank with gasoline at a gas station Friday, Oct. 5, 2012, in San Diego. A 20-cent jump overnight in California gas prices has put the state ahead of Hawaii for the nation's most expensive gas. (AP Photo/Gregory Bull)

LOS ANGELES (AP) ? The price of gasoline rose to an all-time high in California and is expected to continue climbing before leveling off later this week.

The record of $4.6140 for a gallon of regular unleaded was set on Saturday, just by a fraction of a penny over the previous high of $4.6096 on June 19, 2008, according to AAA spokesman Michael Green.

Saturday's price was the highest in the nation, with the Golden State leapfrogging Hawaii this week as the state with the most expensive fuel due to a temporary reduction in supply. In some locations, fuming motorists paid $5 or more per gallon while station owners had to shut down pumps in others.

"I seriously thought it was a mistake on the sign when we pulled in," said Nancy Garcia, 34, while filling her Honda Accord at a Chevron station in the Los Angeles neighborhood of Highland Park. She paid $4.65 a gallon for regular grade and said she couldn't afford to fill her tank all the way.

AAA's Daily Fuel Gauge report said the national average Saturday was about $3.81 a gallon, the highest ever for this time of year. However, gas prices in many other states have started decreasing, which is typical for October.

The dramatic surge came after a power outage Monday at a Southern California refinery that reduced supply in an already fragile and volatile market, analysts said, but the refinery came back online Friday and prices were expected to stabilize by next week.

Patrick DeHaan, senior petroleum analyst at GasBuddy.com, predicted the average price could peak as high as $4.85.

"There is some relief in sight but probably not for a couple of days. Early next week is when we may see some more significant declines ... but at retail prices, prices may climb for the next two to three days before they start to come down," he said.

When supplies drop, wholesale prices rise. Then distributors and station owners have to pay more to fill up their station's tanks. They then raise their prices based on how much they paid for their current inventory, how much they think they will have to pay for their next shipment, and, how much their competitors are charging.

A web of refinery and transmission problems is to blame, analysts said. The situation is compounded by a California pollution law that requires a special blend of cleaner-burning gasoline from April to October, said Denton Cinquegrana, executive editor of the Oil Price Information Service, which helps AAA compile its price survey.

"We use the phrase 'the perfect storm,' and you know what, this current one makes those other perfect storms look like a drizzle. I don't want to scare anyone, but this is a big problem," Cinquegrana said. "Run-outs are happening left and right."

Among the recent disruptions, an Aug. 6 fire at a Chevron Corp. refinery in Richmond that left one of the region's largest refineries producing at a reduced capacity, and a Chevron pipeline that moves crude oil to Northern California also was shut down.

There was some good news, however.

Exxon Mobil Corp. said a refinery in Torrance returned to normal operations Friday after the power failure Monday disrupted production for most of the week. State officials said with the refinery coming back online, prices should start falling.

___

Contributing to this report were AP writers Sandy Shore in Denver, Gillian Flaccus in Los Angeles, John Marshall in San Francisco and Gosia Wozniacka in Fresno.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-10-07-California%20Gasoline%20Prices/id-9ac81674e2a540e1bba7bcb31decfd5f

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Salina Journal: Prairie Festival Draws Crowds to Land Institute in Kansas

[unable to retrieve full-text content]Hundreds of people, some from as far away as Tokyo, came to the Prairie Festival in Salina, Kan., to sleep under the stars and hear lectures on subjects like sustainable agriculture.

Source: http://www.nytimes.com/2012/10/03/us/prairie-festival-draws-crowds-to-land-institute-in-kansas.html?partner=rss&emc=rss

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NY teacher scolded for making kids write to inmate

NEW YORK (AP) ? A teacher has received a warning letter from the New York City Conflicts of Interest Board for making her fifth graders write Christmas cards to a friend serving time in prison.

The cards contained the children's names and in some cases addresses. They were intercepted by a corrections officer.

According to The New York Times (http://nyti.ms/QEZqUw ), Melissa Dean escaped harsher punishment because she resigned in June.

Dean taught at P.S. 143 in Queens. Last December she told her class to write the cards to people who were lonely.

Instead, she sent the cards to a friend, John Coccarelli, serving time for illegal weapons possession. Prosecutors say he was also charged with possessing child pornography but it was not brought to trial because he pleaded guilty to a charge calling for a longer sentence.

___

Information from: The New York Times, http://www.nytimes.com

Source: http://news.yahoo.com/ny-teacher-scolded-making-kids-write-inmate-144916498.html

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Which debate questions might trip up Obama and Romney?

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Source: http://news.yahoo.com/presidential-debate-questions-might-trip-obama-romney-213047308.html

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