Financial Blog

Have you ever thought about starting a new business? Of course, you did; but in this case you should know how difficult it is to lunch a new business. The main problem is a financial shortage. Some companies and services provide the necessary money for good perspective businesses, but they are few. Such companies, as online lenders alliance, for instance, also provide management and business consulting.

Last year (2007), total global revenues for management consulting exceeded $300 billion. And the industry tends to grow further. There are several types of consulting firms. There are large, diversified companies that offer a huge range of financial and consulting services. Geneva Roth Ventures is one of the representatives of such organizations. Such firms are preferable for all hypothetical clients, but it is necessary to make sure that the proposal you’re searching for is appropriate and will meet your needs. The company should be a long time player on the market, it has to have positive references from former clients and provide 24/7 financial help. A person or a company may try to find separate companies to achieve each of their demands but usually the price is the same but time and efforts spent are much higher than working with a big reputable company. Remember, that a complex of problems should be solved complexly and there are such companies that will solve them in complex.

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Forex is a very popular and liquid financial market. Its daily volume is more than $3.2 trillion. The main idea of earning money on Forex (foreign exchange, FX) market is to take the profit the difference in exchange rates of foreign currencies. Any person can participate in Forex and earn a lot of money, but this market is very risky too. Online Forex trading is available via Forex brokers.

Forex trading isn’t an easy thing at all. Yoy may not be prepared to invest in Forex, even if you are an active and experienced stocks trader. The main difference of Forex market from stock market is that the currencies are traded 24 hours a day from 5:00 p.m. ET on Sunday until 4:00 p.m. ET Friday. Besides, there is no any central market like NYSE or Nasdaq. All trading process is conducted through ECN (electronic communication network). Long and short is available in Forex, just like securities. It is obvious that one can earn a lot of money as well as he can loose it easily. Before starting Forex trading it is very necessary to learn about the market as much as possible in order to make your income constant and minimize your risks. With a good trading strategy, competent broker, appropriate Forex trading platform and common sense Forex will become a good income for any investor.

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A young girl, 14 years old became a victim of road accident in 2004. She got her leg broken by a truck that had ricocheted off another truck after a collision. She was pretty much hurt and spent a lot of time in the hospital, no need saying her recovery was a long process. And medical services cost more than $250k. Girl’s parents consulted a personal injury law firm for information and jural help. There are a lot of small and big companies of such a type in the USA. For instance, Pazer and Epstein is the most reputable in NY. So after a four-day trial a girl has received approx. 1.25 million dollars. The jury’s verdict included $250,000 for pain and suffering, $550,000 for disfigurement and $200,000 for mental and emotional distress. Also, the jury awarded $257,858.52 to cover numerous medical bills. This was really a wonderful win for a girl and her parents, as a lot of innocent people get hurt all over the country each day and get no refund for that. Why don’t they get the money they deserve? The answer is simple; they don’t know their rights and don’t seek for professional help. But each year more and more people work with lawyers, such like Perry Pazer and get impressive sums of money in court as a compensation for their sufferings. Don’t try to settle such cases yourself; you don’t have much chance to win, believe me. A professional attorney from Pazer & Epstein can solve all your problems. That’s their job.

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The most obvious reason anyone purchases an insurance policy, is that they are taking the necessary precautions to insure that in the future their lives won’t be severely troubled by the occurrence of an unforeseen event. Be it health and dental protection, life insurance or critical illness cover, by taking the necessary steps you are guaranteed a light at the end of the tunnel. The money you investment today will be available when you and your loved ones need it the most in the future.

The most sensible question you should be asking yourself is not, do I require insurance but rather, do I have enough coverage or the right coverage at that? We know perfectly well that no one likes to talk about insurance especially if it’s life insurance. The idea of purchasing such coverage might seem unimportant but as a person progresses in life so does his financial obligations. It is at this point that having complete insurance coverage becomes vital. There are numerous other insurance solutions all intended to give you the coverage you might require. An example of such coverage is health insurance. Most health plans will take care of all cost pertaining to private medical treatments. Health insurance not only insures you get the best treatment available, it also provides the means to obtain it quicker which is extremely important in case of a long term illness. Home insurance is very important because a home is the most valuable asset a person possesses. Finding the right plan is essential but we will help you with that. Some people only think about their homeowners insurance when it’s already too late and thins means trouble. Having the right cover can save you money and unnecessary headaches.

There are many other insurance plans available but you can stay confident that no matter what you require we have the perfect solution for you. It is always worth remembering that with the right policy you can prevent your family and loved ones from struggling financially. In the end no matter what your financial situation or personal requirements, there is a plan that is perfect for your individual needs. So don’t make the mistake of waiting until it is too late. Take the necessary precautions today and rest assured that no matter what coverage you require we have just the right solution for you along with the most competitive prices.

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The majority of people taking loans know how important their credit history is. Positive credit report opens great opportunities and awesome discounts to their owners, while bad credit report means that you’ll have to pay more for your loans and greatly reduces your chances of qualifying for loans, credit cards, finding a job or renting an apartment.

Your credit report may be negative even if you are a responsible borrower and pay off in punctual manner. Almost 80 percent of credit reports contain errors or fallacious information that can affect your credit history in a negative way.

Not everyone knows that a credit report can be improved or corrected (repaired). So what should one do to get credit report repair? It is possible to negotiate with credit companies in order to correct the report or one may consult a lawyer or start working with a professional credit repair company. Credit repair companies help to correct and improve your credit history quickly and easily; besides, the cost of such services is not very high in comparison with credit lawyers and negotiation companies.

Thanks to modern technology, one can find some reputable credit repair companies online. It makes it easier to improve your credit report without a necessity to go out of home. Always choose big companies to cooperate with, testimonials of other clients could be easily found in the Internet. Credit repair might become a good move if you are going to take a big loan or a mortgage. Use all the possibilities of credit repair for your own benefit. Get a credit report you really deserve.

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Antique store owners in lower Manhattan, ticket vendors at India’s Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don’t want U.S. dollars.

Hit by a free fall with no end in sight, the once-mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad: Its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.

Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency — and dollar aversion is even extending to some quarters in the United States.

At the Taj Mahal, dollars were always legal tender, alongside rupees, for entry into the palace. But because of the falling value of the dollar, the government implemented a rupees-only policy a month ago. Indian merchants catering to tourists have also turned bearish on the dollar.

“Gone are the days when we used to run after dollars, holding onto them for rainy days,” said Vijay Narain, a tour operator in the city of Agra where the Taj Mahal is located. “Now we prefer the euro. It gives us more riches.”

In Bolivia, billboards feature George Washington’s image on a $1 bill alongside a bright pink 500 euro note, encouraging savers to turn to the euro to tuck away money earned abroad or sent home in remittances.

“If the dollar falls … save in euros!!!” say the signs popping up around La Paz for Bolivia’s Banco Bisa.

And in neighboring Brazil, the Confidence Cambio money-changing service was the first to start offering yuan so travelers to China no longer have to change the money into dollars first. The service is already a hit because Brazil does big business with China, and lots of Brazilians are heading to the Olympics this summer.

The dollar has steadily eroded in value against the euro and other currencies since 2002 as U.S. budget and trade deficits ballooned, but fears of an American recession and credit crisis have sent the dollar to stunning lows amid predictions the slump will continue for a long time.

The dollar fell to a 12-year low against the Japanese yen Thursday, dropping below 100 yen to the dollar for the first time since November 1995. The euro rose to all time high and is currently trading above $1.55. Meanwhile gold hit a new benchmark today at $1,000 an ounce. That’s a jump of nearly 20 percent just since Jan. 1.

Source: Associated Press

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Gas prices already top $4 a gallon at many stations. 

The slow and seemingly inexorable rise in gas prices over the past two years has reached a fever pitch in recent months. That’s taking its toll on many Americans, especially when coupled with weakness in the housing market and increasing costs for things like groceries. Faced with paying more at the pump, some say they are cutting back on restaurant outings, shutting off cable or Internet access, paring clothing budgets and even scrimping on necessities such as food.

Economists say there’s no doubt that Americans are tightening their budgets.

“There’s less consumption going on,” said Brian Bethune, U.S. economist with Global Insight. He cites a slight decline in gas consumption and a steep pullback in spending on automobiles.

Bethune also suspects that more Americans are substituting higher-priced goods with cheaper ones — choosing McDonald’s coffee over Starbucks, for example, or hitting a bulk warehouse chain such as Costco or Sam’s Club instead of a pricier grocery store.

The situation could get worse soon. Prices at the pump have been pushed to levels many couldn’t conceive of even a year ago, and analysts and the Energy Department are both expecting the cost of gas to rise even further this spring and summer.

For many, obligatory commutes and a lack of public transportation make it tough to cut back much on the one thing that could make the most difference — driving itself. Still, faced with paying $3.50 or more per gallon, some Americans say they have been forced to drop their cars altogether, or at least to reduce trips to the mall or even grocery store.

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British house prices fell for a fourth month running in February to post the lowest annual rate of inflation in more than two years, the Nationwide Building Society said on Friday.

It said house prices fell 0.5 percent on the month in February after a downwardly revised 0.3 percent fall in January. Analysts polled by Reuters had forecast a flat reading on the month.

Annual house price inflation fell to 2.7 percent — its lowest since November 2005 — from 4.2 percent in January.

“The trend in prices is clearly weakening, but the size of the drop in the annual rate between January and February perhaps overstates the rate of cooling as it partly reflects the particularly strong increase in prices in February last year,” said Fionnuala Earley, Nationwide chief economist.

The average house price fell to 179,358 pounds($356,688) from 180,473 pounds.

The figures add to evidence of a downturn in the housing market and may heighten worries of a sharp retrenchment in consumer spending.

A survey earlier this week showed consumer confidence fell in February to its lowest in more than 13 years with shoppers more reluctant to splash out on big purchases than at any time since 1990.

Nationwide is forecasting flat house prices in 2008 as a whole but many private economists are predicting falls of up to 5 percent.

The Bank of England has cut interest rate twice in the past three months and investors expect further cuts over the course of the year.

Information is taken from: Reuters

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Concerned consumers, breathe a sigh of relief: A report released yesterday by Javelin Strategy & Research reveals that identity fraud is on the decline in most of America. It also reinforces a three-year trend that the majority of information stolen by criminals is taken from personal belongings and phone calls — not online.

A key survey finding is that identity fraud is down an estimated 12 percent since 2006, which means criminals illegally obtained $6 billion less than the year before. While overall fraud has declined over the last three years, the report noted that out-of-pocket expenses for identity fraud victims have risen. Fortunately, approximately 300,000 fewer American adults became identity victims in 2007 than in 2006.

The lowest risk for fraud was found to be in the Northeast, while residents in California, Illinois, Idaho, West Virginia and Delaware have the highest incidences of identity fraud.

The report found that traditional criminal methods still pose the greatest risk. In 2006, only 3 percent of identity theft victims’ information was accessed through mail or telephone transactions. In 2007, the figure leapt to 40 percent. The main phone method was through vishing, in which criminals use voice over Internet protocol (VoIP) or other telecommunications to make calls posing as a nonprofit organization, billing company or financial institution. Many of the consumers hand over their Social Security numbers, bank account numbers and credit card information thinking they are giving it to a legitimate business, when they are actually placing it into the hands of a criminal.

The report presumes that the decline in fraud can be attributed to “greater consumer vigilance and awareness, improvements in systems and practices by companies that manage personal information, the increased frequency of viewing personal account information and consumers more frequently updating spyware and anti-virus software.” Javelin expects fraud reduction to continue as businesses and consumers work together to protect sensitive data — especially financial information online.

“Javelin’s 2008 Report confirmed what we believe to be true: that while fraud is declining, it is still a concern for the American public,” says Javelin’s president and founder, James Van Dyke, in a press release. “The good news is the leadership role many businesses are taking in educating consumers about ID fraud risk factors is paying off. Still, fraudsters are getting creative and leveraging new techniques to commit fraud, so Americans need to be as diligent as ever in protecting their personal information.”

Remember, just because someone asks for your personal information over the phone instead of through e-mail does not mean it is legitimate. Never give out personal or financial information when you have been solicited. It is only wise to do so when you have placed the call, and you know you are dealing with a trusted business. If you get a call and it sounds like it’s from a trusted institution, hang up, look up and call the customer service number and find out whether that business truly needs your information. Better safe than sorry!

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Having stunned investors one week ago by unexpectedly slashing short-term interest rates, the Federal Reserve appears poised to announce another rate cut on Wednesday as insurance against a recession.

But policy makers face difficult questions about how deep to cut rates, given that a recession has yet to materialize and that inflation pressures remain a nagging concern in the background.

On Wall Street, where the clamor about a recession remains at a fever pitch, investors are betting heavily that the central bank will lower the overnight federal funds rate by an additional half a percentage point, to 3 percent.

That decrease would come on top of last week’s surprise reduction of three-quarters of a percentage point, and could set the stage for lower interest rates on home equity loans, car loans and business lending.

But the outcome of the meeting is far from certain. While recent data on the housing market and retail sales has reinforced the impression of a stalling economy, economists were surprised on Tuesday by an unexpectedly strong jump in orders for durable goods in December.

The Commerce Department reported that orders for all durable goods — big-ticket items like commercial aircraft and auto parts — jumped 5.2 percent last month. Excluding orders for transportation goods, which are volatile from month to month, orders climbed 2.6 percent, the first increase since September.

Ben S. Bernanke, the chairman of the Federal Reserve, and other Fed officials are already under fire from two directions. Many analysts on Wall Street complain that the central bank has moved too slowly in response to signs of a faltering economy. They point to a plunge in housing that does not seem to have hit bottom, slowing growth in retail sales and tight credit.

But a significant minority of economists argue that policy makers have let themselves be unnecessarily alarmed by panicky swings in the stock market. If the central bank props up the economy with easy money, they warn, the result will be higher inflation in the future.

Richard DeKaser, chief economist at the National City Corporation, a Cleveland bank, is skeptical that the economy is headed for a recession, despite the common assumption that it is. “Few seem to take seriously the prospect that we are not going into a recession,” said Mr. DeKaser, who cites the latest labor market data, showing fewer weekly claims for unemployment benefits and encouraging layoff numbers, which suggest to him that the nation has added a hefty number of jobs in January.

And despite the huge losses and write-offs stemming from subprime mortgages, he added, business borrowers have yet to face a credit squeeze.

Members of the central bank’s Federal Open Market Committee, which decides interest rates, have shown clear signs of disagreement among themselves.

At the meeting last week, conducted by videoconference, the president of the Federal Reserve Bank of St. Louis, William Poole, voted against any rate cut. The committee’s previous rate cut, in December, a quarter-point cut to 4.25 percent, provoked a dissent from another member, the president of the Boston Fed, Eric S. Rosengren. He wanted a bigger reduction.

Fed officials acknowledged this month that they had lowered their forecasts for economic growth this year, even though their previous forecast had already assumed a slowdown in the first half of this year.

Mr. Bernanke acknowledged on Jan. 10 that the housing market was still in a free fall and that the turmoil in subprime mortgage markets had shaken the broader credit markets.

Warning that financial markets were “fragile” and that the labor market appeared to be weakening, Mr. Bernanke bluntly declared that “additional policy easing may be necessary” and that the Fed stood ready to take “substantive additional action.”

When the Fed surprised investors by cutting its overnight rate at an unscheduled meeting on Jan. 22, officials left little doubt that they would lower the rate yet again at their regularly scheduled two-day policy meeting this Tuesday and Wednesday.

To the extent that investors remain fearful about credit risks, markets for mortgage-backed securities are likely to remain dysfunctional and banks will be forced to write down even more of their loan portfolios. That could aggravate a broader credit problem, which in turn could slow investment and economic activity.

But analysts say Mr. Bernanke faces a difficult challenge in trying to manage expectations. On the one hand, they say, the Fed wants to act decisively enough to reassure investors and the public that it will prevent the economy from sinking. On the other hand, they say, Mr. Bernanke does not want to be seen as panicking in response to a plunge in the stock market.

Fed officials say they have changed their outlook primarily because of considerably grimmer economic data over the past month. Net job creation almost stopped in December, and unemployment jumped to 5 percent, from 4.7 percent.

Mr. Bernanke made it clear in his speech on Jan. 10 that the Fed was paying particular attention to the housing market, and the recent data had been unremittingly bad. New-home sales in December dropped 4.7 percent, to an annualized rate of 604,000 units — down 41 percent from a year earlier and the lowest level in 13 years.

On Tuesday, Standard & Poor’s, the bond ratings agency, reported that its S.& P./Case-Shiller index of home prices dropped at a record rate in November. The index for 10 major metropolitan areas was down 8.4 percent from a year earlier.

Source: NY Times

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The market’s tough for homebuyers, so renting may make more sense now.

Let’s face it: Given the current state of the housing market in many parts of the country, it might make more financial sense for you to rent for the time being rather than buy a home.

Such a move truly could work to your advantage in the coming months. Many experts predict that home prices will continue to drop for a while longer, so waiting to buy could pay off for you.

What’s more, because houses and condos are staying on the market for longer stretches of time, many developers and would-be sellers are eager to rent them out. This jump in the inventory of available rental properties puts you in a good position to haggle for more desirable rent prices. You also may encounter landlords who are willing to lower security deposits, cover your utilities or allow you to move in rent-free for the first month.

Even though the tide has turned in renters’ favor for now, renters still need to understand their rights and protect themselves. Whether you’re a longtime renter, a short-term renter or a young person who’s on the prowl for your very first apartment, these tips can help you avoid some of the potential pitfalls of renting.

1. Become an expert on your local rental market. No matter how pressed for time you might be, don’t rent the first place you find. Take time to shop around, visiting several places so you can compare prices and amenities offered. Check the classified ads online at your local Craigslist site and in a variety of daily and weekly newspapers, and ask friends and co-workers if they know of any available rental units. Use a professional rental service only if the fee charged is not too exorbitant.

2. Don’t tolerate discrimination. Federal laws prohibit discrimination on the basis of race, color, national origin, religion, gender, family status or disability. State and local laws prohibit other kinds of discrimination. For information, call the U.S. Department of Housing and Urban Development’s housing discrimination hotline at (800) 669-9777. Renters also can file discrimination-related complaints through this Web site.

3. Eyeball the lease closely. Unless the lease says differently, the landlord cannot raise your rent during the term of the lease. In turn, the lease usually commits you to rent payments for a fixed amount of time, whether or not you live in the unit. If you must move out, clarify in writing what would happen if you or your landlord are able to find another person to rent the space. Make sure you’d be liable for rent only during the time the unit is vacant.

4. Watch out for lease provisions that are undesirable or downright illegal. Undesirable provisions may restrict your guests, pets, minor design alterations or ability to run a home business. They also may include phrases such as: “automatic lease renewal”; “tenant agrees to obey all future rules of landlord”; “rent may increase”; “no one but tenant and immediate family may live in apartment”; and “unannounced or unlimited entry of landlord.” Illegal provisions include: an exculpatory clause that protects the landlord from liability for his own negligence; excessive penalties for late rent; or automatic forfeiture of deposit, which means you’ll lose your security deposit no matter what. Before you sign the lease, make sure you understand everything in it and that all blanks are either filled in or crossed out. If you don’t like certain provisions, negotiate to cross them out, write in changes and have both parties initial the new wording. Do this on all copies of the lease.

5. Know the skinny on security deposits. Landlords typically collect security deposits from tenants up front to cover unpaid rent or damage to the rental unit. As mentioned in the introduction to this column, you may be able to have the amount of your security deposit reduced while the housing slump continues. If you can’t, though, keep these details in mind: All security deposits are refundable; landlords only can keep compensation for unpaid rent, damage to the unit or a failure on your part to leave the unit as clean as it was when you moved in. Before you move in, do a walk-through with the landlord and document any damage that you see, both in writing and via photographs. Take good care of the unit while you live there, and clean it meticulously when the time comes for you to leave. For more details on security deposits, check out this helpful Nolo article on the subject.

6. Clarify exactly when and how the landlord can enter your unit. Do you value your privacy? Then the significance of this tip can’t be overstated. Generally speaking, landlords cannot simply enter your home without giving you some kind of advance notice. Rules on this thorny issue vary from state to state, so it’s important to understand what’s allowed and what isn’t where you live. To find out, check out this chart. In states where landlords’ access to rental properties is regulated, landlords typically are permitted to enter in cases of emergency, in instances when repairs are needed or at times when they need to show the unit to potential renters or buyers. But because statutes do vary, take the time to read up on the rules that apply to you.

7. Understand how to proceed if repairs are needed. Landlords are responsible for keeping their rental properties “livable” and “habitable.” That means your unit should have heat, water, electricity and sufficient weatherproofing, and it also should be structurally sound and sanitary. It doesn’t mean that your landlord is on the hook for purely cosmetic repairs. If a cosmetic repair is really bugging you and you really want to tackle it, don’t assume that doing so will give you a break on that month’s rent. Any such arrangement must be agreed upon by your landlord in advance and spelled out in writing. For those more serious repairs that fall in the “livable” or “habitable” category, though, do this: Write to your landlord about the problem and keep a copy of the letter. Give him or her reasonable time to make the repairs. If the problem never gets addressed even after you follow up about it, you have a variety of rights. For instance, you could withhold a portion of your rent, handle the repairs yourself and deduct the cost from your rent, or report your landlord to local building or housing authorities.

8. Invest in renters insurance. Renters insurance is really a form of homeowners insurance. It covers losses to your property from a variety of perils, including fire, lightning, windstorms, hail, explosions, riots, aircraft, vehicles, smoke, vandalism, theft, falling objects, electrical current damage and accidental overflow of water. Flood damage is not covered, however, so you must buy flood insurance separately through the National Flood Insurance Program. You may think you can’t afford the added expense of renters insurance, but that probably isn’t the case. Many insurers offer decent policies for $150 to $250 a year, or about $12 to $21 a month.

9. Stay safe. Are you thinking about renting in an up-and-coming area that may still have its share of crime? Regardless of the neighborhood you’re considering, it’s a good idea to contact that area’s local police precinct and inquire about crime statistics. If you have children, ask the police to help you determine whether any sex offenders live nearby. Also check state and local laws to find out whether your landlord is obligated to provide renters with certain safety devices, such as window locks or deadbolts. You can get help finding this information at your local library or through this Web site.

10. Is an eviction looming? If, for whatever reason, you receive an eviction notice from your landlord, you have a decision to make: Should you fight it, or should you walk away? If you’re absolutely convinced that you’re in the right, you may want to follow through with an eviction lawsuit. This may be a wise course to take if your unit is clearly uninhabitable or your landlord didn’t give you adequate notice about the eviction. In other cases, though – particularly if you’ve done anything to warrant the eviction – you should probably just move out. In addition to costing you hundreds if not thousands of dollars, an eviction lawsuit could hurt both your credit score and your ability to get other landlords to rent properties out to you in the future.

Source: msnbc 

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The wind turbines that recently went up on Louis Brooks’s ranch are twice as high as the Statue of Liberty, with blades that span as wide as the wingspan of a jumbo jet. More important from his point of view, he is paid $500 a month apiece to permit 78 of them on his land, with 76 more on the way.

Texas, once the oil capital of North America, is rapidly turning into the capital of wind power. After breakneck growth the last three years, Texas has reached the point that more than 3 percent of its electricity, enough to supply power to one million homes, comes from wind turbines.

Texans are even turning tapped-out oil fields into wind farms, and no less an oilman than Boone Pickens is getting into alternative energy.

Wind turbines were once a marginal form of electrical generation. But amid rising concern about greenhouse gases from coal-burning power plants, wind power is booming. Installed wind capacity in the United States grew 45 percent last year, albeit from a small base, and a comparable increase is expected this year.

At growth rates like that, experts said, wind power could eventually make an important contribution to the nation’s electrical supply. It already supplies about 1 percent of American electricity, powering the equivalent of 4.5 million homes. Environmental advocates contend it could eventually hit 20 percent, as has already happened in Denmark. Energy consultants say that 5 to 7 percent is a more realistic goal in this country.

The United States recently overtook Spain as the world’s second-largest wind power market, after Germany, with $9 billion invested last year. A recent study by Emerging Energy Research, a consulting firm in Cambridge, Mass., projected $65 billion in investment from 2007 to 2015.

Despite the attraction of wind as a nearly pollution-free power source, it does have limitations. Though the gap is closing, electricity from wind remains costlier than that generated from fossil fuels. Moreover, wind power is intermittent and unpredictable, and the hottest days, when electricity is needed most, are usually not windy.

The turbines are getting bigger and their blades can kill birds and bats. Aesthetic and wildlife issues have led to opposition emerging around the country, particularly in coastal areas like Cape Cod. Some opposition in Texas has cropped up as well, including lawsuits to halt wind farms that were thought to be eyesores or harmful to wetlands.

But the opposition has been limited, and has done little to slow the rapid growth of wind power in Texas. Some Texans see the sleek new turbines as a welcome change in the landscape.

Texas surpassed California as the top wind farm state in 2006. In January alone, new wind farms representing $700 million of investment went into operation in Texas, supplying power sufficient for 100,000 homes.

Supporters say Texas is ideal for wind-power development, not just because it is windy. It also has sparsely populated land for wind farms, fast-growing cities and a friendly regulatory environment for developers.

“Texas could be a model for the entire nation,” said Patrick Woodson, a senior development executive with E.On, a German utility operating here.

The quaint windmills of old have been replaced by turbines that stand as high as 20-story buildings, each capable of generating electricity for small communities. Powerful turbines are able to capture power even when the wind is relatively weak, and they help to lower the cost per kilowatt hour.

Much of the boom in the United States is being driven by foreign power companies with experience developing wind projects, including Iberdrola of Spain, Energias de Portugal and Windkraft Nord of Germany. Foreign companies own two-thirds of the wind projects under construction in Texas.

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In a move that strengthens the American-backed effort to isolate Iran, a leading international organization responsible for combating financial crimes called Thursday for all countries to be wary of Iran’s banking system because of concerns over money-laundering and aid to terrorists.

The action, by the Paris-based Financial Action Task Force, was welcomed by the Bush administration as likely to help its drive to punish Iran economically for its nuclear activities and its support of Hezbollah and other militant groups.

A separate American effort to get the United Nations Security Council to impose mild sanctions on Iran is proceeding slowly, and European countries are planning to offer new incentives to Iran if it agrees to halt its uranium-enrichment program.

In a separate development on Thursday, the Bush administration imposed penalties on four Syrians accused of easing the flow of money, weapons and people involved in terrorism through Syria into Iraq. The action had the effect of freezing their assets in the United States, a largely symbolic step because the Syrians are not thought to have such assets.

On Iran, the language of the Financial Action Task Force’s statement is indirect, in that it simply calls on banks and other institutions to take into account the risk of the Tehran government’s “deficiencies” in controlling money-laundering and financial support for terrorists, and to exercise “due diligence” in dealing with Iran.

But experts at the Treasury Department said the statement would have a powerful effect at a time when many American and European banks have already started to pull back from transactions with Iran in response to pressure from the United States.

In a statement, the Treasury Department said the action “sends a clear message to governments and financial institutions worldwide that the threat Iran poses to the international financial system continues unabated.”

The Bush administration has been trying to persuade banks in the Persian Gulf and Asia to follow the lead of European and American banks in withdrawing from Iran. The number of foreign branches operating in Iran has dropped to 20 in two years, from 46, according to American and Western diplomats.

The American hope is that the financial task force will strengthen the case for isolating Iran, especially because Russia and China are members and both countries have resisted sanctions on Iran at the United Nations.

Sir James Sassoon, president of the task force, said its action, adopted at a board meeting in Paris, “increases the pressure on Iran” to “urgently” address its shortcomings in controlling money-laundering and terrorist financing.

“In view of the continued risks emanating from Iran, the F.A.T.F. is calling on all countries around the world to advise their financial institutions to pay special attention to financial dealings with Iran,” he said.

The financial task force has 32 member countries, as well as the European Union and the Persian Gulf Cooperation Council. Iran is not a member; few Middle East countries are.

Administration officials said it was significant that China and Russia, which recently joined the financial task force, supported the move on Thursday, in part because the task force is a technical body affiliated with the Organization for Economic Cooperation and Development.

A task force official in Paris, speaking anonymously under ground rules used for anyone explaining the group’s public statements, said Iran had made a major effort to head off Thursday’s action. The move was threatened in a statement last October, which warned Iran to change its laws or face difficulties.

Last week the Bush administration announced that a senior Treasury Department official, Daniel L. Glaser, had attended a meeting of the group in Paris along with representatives from Iran, who were trying to persuade the task force that Iran would correct the shortcomings in its banking system.

Since then, the task force official said, Iran changed some of its laws but made only minimal progress in reducing the chances of money-laundering and no progress in setting up restrictions on aiding terrorists.

Source:  NY Times

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The European Union’s longest-running fight with Microsoft Corp. neared an end Wednesday as regulators imposed a record $1.3 billion fine on the world’s largest software company for failing to fully comply with a 2004 antitrust order.

Microsoft has not decided whether to appeal the penalty, which amounts to a fraction of the $14.07 billion it earned in fiscal 2007. In all, the company has been fined just under $2.4 billion by European antitrust regulators over the years.

Barring an appeal, the fine shuts the door on an investigation into Microsoft’s behavior that was triggered by a 1998 complaint by Sun Microsystems Inc. It alleged Microsoft was refusing to supply information that servers need to work with its market-dominating Windows operating system.

Microsoft eventually made the information available to rivals, but the EU said it charged “unreasonable prices” until last October.

(MSNBC.com is a joint venture of Microsoft and NBC Universal.)

EU Competition Commissioner Neelie Kroes said Microsoft now appears to have finally complied with the 2004 EU antitrust order. But she warned that the company was not yet in the clear because the EU last month launched new probes into its Office software and Windows’ Internet browser.

She also was skeptical over Microsoft’s announcement last week that it was further expanding its efforts to make its software work better with rival technologies. A news release, she said, “does not necessarily equal a change in business practice.”

“Talk is cheap. Flouting the rules is expensive,” she said.

Wednesday’s penalty far outweighs the next biggest fine — $613 million imposed on Microsoft for using its role as the world’s leading supplier of desktop software to elbow into new markets for workgroup servers and media players.

Fines — which can hit as much as 10 percent of company’s global yearly revenue — are paid into the EU budget which pays out farm subsidies and research grants. The European Commission claims antitrust fines ultimately help reduce the financial burden on European taxpayers.

Microsoft earned $14.07 billion on $51.12 billion in worldwide sales during its last fiscal year that ended June 30.

“We could have gone as high as 1.5 billion euros,” Kroes said, referring to an amount equal to about $2.2 billion. “The maximum amount is higher than what we did at the end of the day.”

Microsoft’s actions stifled innovation, hurting millions of people who use computers in offices around the world, she said, calling the fine “a reasonable response to a series of quite unreasonable actions.”

The software titan fought hard against the EU’s 2004 decision that ordered it to share interoperability information with rivals and sell a version of Windows without media software, taking an appeal to an EU court that it lost last September.

It was fined again in July 2006 — $357 million — for failing to obey that order.

The EU alleged that Microsoft withheld crucial interoperability information to squeeze into a new market and damage rivals that make programs for workgroup servers that help office computers connect to each other and to printers and faxes.

The company delayed complying with the EU order for three years, the EU said, only making changes on Oct. 22 to the patent licenses it charges companies that need data to help them make software that works with Microsoft.

Microsoft had initially set a royalty rate of 3.87 percent of a licensee’s product revenues for patents and demanded that companies looking for communication information — which it said was highly secret — pay 2.98 percent of their products’ revenues.

The EU complained last March that these rates were unfair. Under threat of fines, Microsoft two months later reduced the patent rate to 0.7 percent and the information license to 0.5 percent — but only in Europe, leaving the worldwide rates unchanged.

The EU’s Court of First Instance ruling that upheld regulators’ views changed the company’s mind again in October when it offered a new license for interoperability information for a flat fee of $14,900 and an optional worldwide patent license for a reduced royalty of 0.4 percent.

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Net Worth: $8.1 million

Where he got it:

Fred Thompson may be history’s best-paid public servant.

He’s been a senator, lawyer and lobbyist, but his stint as Arthur Branch, the DA on “Law and Order,” and other acting bits playing past and present U.S. Presidents and FBI and CIA directors are what made him wealthy.

In 2006 he took in about $3.6 million for his acting roles, another $3.6 million as a commentator for ABC Radio, plus $1.6 million for making speeches. He collected an additional $200,000 or so from his investments.

Thompson had an early star turn in politics as minority counsel in the Watergate hearings. He got his start in show business playing himself - a plaintiff’s lawyer who helped to expose a bribe-for-clemency scandal at the Tennessee parole board. The story became a book (”Marie” by Peter Maas) and then a movie in 1985.

When he wasn’t holding office, Thompson was a lobbyist - from 1975 to 1993, and then again after leaving the Senate in 2003. He collected $760,000 over the years from Equitas, a British reinsurance company that wanted Congress to limit its contributions to a fund to pay people sickened by asbestos.

To run for President, Thompson had to give up his TV roles, radio gig and lobbying. No wonder he waited until the last minute to declare his candidacy.

Where it goes:

Thompson didn’t make really big money until he went Hollywood in 2003, so he has only $4 million in assets outside of his homes.

About $825,000 is in retirement plans, the rest in bank accounts. His only liability is a mortgage on his condo.

How he could do better:

Thompson is 65, but he should invest “like a 41-year-old,” says Cordaro of RegentAtlantic Capital. That’s because his wife, ex-political consultant Jeri Kehn, is that age, and the couple have two children.

Cordaro recommends a portfolio of 15 percent bonds, 65 percent stocks and 20 percent in alternative investments.

Another concern: career longevity.

“If this President thing doesn’t work out, his acting career may have only a few years left,” says Cordaro. “He should be saving most of his income.”

Information is taken from:

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