Good Evening all,
My husband arrived 2 nights ago. I'm so happy that he's finally here. Unfortunately for all of you, that means I am devoting much less time to the news. However, my husband fully supports my news blog, and I did find some articles for you today. :)
I hope you enjoy.
Today's Top 5:
1. Monumental Debt-for-Nature Swap Provides $20 Million to Protect Biodiversity in Madagascar (Science Daily)
2. US Coast Guard Rescues Charity Rowers (UK Reuters)
3. 1780 British Warship Found in Lake (Channel 14 News)
4. Dollar Rises Most Since 2005 as Bernanke Cites Reduced (Bloomberg)
5. Yemen Launches Restoration Project of Qishleh Building in Saada
Honorable Mention:
1. Mysterious Mountain Dino May be a New Species (Biology News)
Today's Top 5:
1. Monumental Debt-for-Nature Swap Provides $20 Million to Protect Biodiversity in Madagascar
http://www.sciencedaily.com/releases/2008/06/080612170515.htm
ScienceDaily
Jun. 14, 2008
The largest debt-for-nature swap agreement in Madagascar’s history was just signed between the Government of Madagascar and the Government of France, allocating roughly $20 million (13 million Euros) to preserve Madagascar’s rich biodiversity, WWF has announced.
“This initiative is an excellent example of innovative financing for sustainable development,” said Nanie Ratsifandrihamanana, acting regional representative for WWF in Madagascar. “Increasing funding to the endowment of the Foundation for Protected Areas and Biodiversity means support for the protected areas' recurrent costs will be available long term. Stable and predictable revenues are critical to win the battle against deforestation and biodiversity loss in Madagascar.”
The new agreement is part of Madagascar’s ambitious national effort, pledged by President Ravalomanana, to triple the size of the country’s protected areas. The funds will be managed through the Foundation for Protected Areas and Biodiversity—a conservation trust fund established by WWF, Conservation International and the Government of Madagascar to support the country’s distinct ecosystems and extraordinary wildlife. With this agreement, the fund has reached its endowment target of $50 million.
Nearly 98 percent of Madagascar’s land mammals, 92 percent of its reptiles, and 80 percent of its plants are found nowhere else on earth. WWF has been active in Madagascar for more than three decades, providing local communities with the support necessary to manage natural resources effectively. Madagascar’s ecosystems provide essential services that support local communities and an array of economic activities. WWF’s vision is to protect, restore and maintain Madagascar’s unique biodiversity in harmony with the culture and livelihoods of the people who live there.
With 70 percent of Madagascar’s population living below the poverty line, the country is one of the poorest in the world. Burdened with high levels of debt, Madagascar has limited domestic resources to address environmental degradation and preserve its unique and globally significant biodiversity. Debt-for-nature swaps, such as this one, are designed to free up resources in debtor countries for much needed conservation activities.
This historic agreement demonstrates the commitment of both the French and Malagasy governments to protect biodiversity in Madagascar and serves as a prime example of a debt-for-nature swap success that other nations can follow.
About the Madagascar Foundation for Protected Areas and Biodiversity
The Madagascar Foundation for Protected Areas and Biodiversity was created in 2005 to support sustainable financing for protecting, maintaining and expanding Madagascar’s protected areas network, including certain buffer zones and ecological corridors, and ultimately to reduce the dependence on external project assistance. The Foundation is already widely recognized as a “model” foundation for Africa and an anchor for sustainable financing of Madagascar’s protected areas system.
As a founding partner, WWF has contributed to the Foundation’s capital and has played a leading role in establishing its legal and operational framework according to the best practices and the highest international standards for environmental funds.
2. U.S. Coast Guard Rescues Charity Rowers
http://uk.reuters.com/article/domesticNews/idUKL1459154220080614?feedType=RSS&feedName=domesticNews
Sat Jun 14, 2008 12:47pm BST
(Reuters) - Four Britons attempting to row across the Atlantic for charity have been rescued by the U.S. Coast Guard after their boat capsized, British officials said.
The 29-foot boat of rowers Chris Jenkins, Tim Garrent, Wayne Davey and Joby Newton capsized 420 nautical miles east of Cape Cod early on Saturday, while the men were in the boat's two cabins.
"The crew have been taken aboard the Gulf Grace at 8 a.m. -- we understand all are relatively safe and well, but suffering slight hypothermia," British coastguards said in a statement.
The Britons had been attempting to row from New York to the Isles of Scilly to try to break the record of 55 days set in 1896 by George Harboe and Frank Samuelson on a route that has only been successfully completed six times.
The four men, who had been expected to each burn around 10,000 calories a day rowing two hours on, two hours off, day and night, had so raised nearly 75,000 pounds for four different charities after leaving New York on June 1.
(Reporting by John Joseph; Editing by Alison Williams)
3. 1780 British Warship Found in Lake
http://www.channel4.com/news/articles/world/1780+british+warship+found+in+lake/2286357
Last Modified: 14 Jun 2008
A 22-gun British warship that sank during the American Revolution and has long been regarded as one of the "Holy Grail" shipwrecks in the Great Lakes has been discovered at the bottom of Lake Ontario.
HMS Ontario was astonishingly well-preserved in the cold, deep water, explorers said.
Shipwreck enthusiasts Jim Kennard and Dan Scoville used side-scanning sonar and an unmanned submersible to locate the ship, which was lost with barely a trace and as many as 130 people aboard during a gale in 1780.
These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.
4. Dollar Rises Most Since 2005 as Bernanke Cites Reduced Risk
http://www.bloomberg.com/apps/news?pid=20601101&sid=aODhO7EgV6SE
By Bo Nielsen
June 14 (Bloomberg) -- The dollar rose the most against the euro since 2005 as Federal Reserve Chairman Ben S. Bernanke said economic risks have faded, raising speculation policy makers will increase borrowing costs this year to contain inflation.
The greenback rose to a one-month high this week as Treasury Secretary Henry Paulson declined to rule out intervention to support the dollar and U.S. retail sales increased in May twice as much as economists forecast. Group of Eight finance ministers meeting today in Japan stuck to their practice of not making a joint comment on currencies when central bankers are absent from the talks.
``Risks to U.S. growth have been reduced, and the market is now thinking the Fed will hike in August,'' said Meg Browne, a senior currency strategist at Brown Brothers Harriman & Co. in New York. ``That's a big shift, and the effect on the dollar was positive.''
The dollar increased 2.5 percent to $1.5380 per euro, from $1.5778 on June 6. It touched $1.5303, the strongest level since May 8. The U.S. currency rose 3 percent to 108.19 against the yen, from 104.93, and touched 108.38, the highest since Feb. 14. It was the biggest gain since December 2004. Japan's currency fell for a fifth consecutive week against the euro, decreasing 0.6 percent to 166.35, from 165.64. It's the longest stretch of gains since October.
``We've seen a very sharp reversal of sentiment about the dollar,'' said Nick Bennenbroek, head of currency research at Wells Fargo & Co. in New York. ``The U.S. economy seems reasonably resilient, and the Fed is beginning to look hawkish.''
Chinese Yuan
The Chinese yuan rose for a second consecutive week versus the dollar, increasing 0.3 percent to 6.9022, on speculation policy makers are seeking a stronger currency to control inflation. The U.S. wants China to keep allowing its currency to rise against the dollar and will discuss that stance in talks next week in Maryland, said Alan Holmer, the U.S. Treasury's top China negotiator, in a briefing in Washington yesterday.
The Australian dollar fell 2.6 percent this week against its U.S. counterpart, the biggest decline in almost three months, and the New Zealand currency declined 2.4 percent, for its third consecutive weekly decrease. Traders speculated an increase in U.S. interest rates will narrow the yield advantage of Australian and New Zealand debt.
Fed funds futures on the Chicago Board of Trade show a 60 percent chance the U.S. central bank will increase the 2 percent target lending rate by at least a quarter-percentage point at its August meeting, compared with 9 percent odds a week ago. There are 21 percent odds policy makers will lift the rate to 3 percent by December.
Yield Spread
The yield advantage of a two-year German bund over a comparable Treasury note fell to 1.58 percentage points, making dollar-denominated assets more attractive. The difference was 2.26 percentage points on June 6, the widest since 1993.
``People are getting ahead of themselves'' betting on Fed rate increases, said David Powell, a currency strategist at Bank of America Corp. in New York. ``The dollar is a bit overshot at this stage.'' He predicted the Fed will raise borrowing costs to 2.25 percent this year.
U.S. retail sales increased 1 percent in May, following a revised 0.4 percent advance the prior month, the Commerce Department reported on June 12. Consumer prices rose 0.6 percent last month after a 0.2 percent increase in April, the Labor Department reported yesterday in Washington.
``The risk that the economy has entered a substantial downturn appears to have diminished,'' Bernanke said in a speech at a Boston Fed conference on June 9. ``The Federal Open Market Committee will strongly resist an erosion of longer-term inflation expectations.''
Bernanke on Currency
Bernanke said on June 3 that he's aware of the impact a falling currency can have on price expectations. Paulson said in an interview with CNBC on June 9 that he would ``never'' rule out currency intervention.
The 15-nation euro weakened yesterday as Irish voters turned down the European Union's new governing treaty, a setback for the bloc's plans to strengthen its global voice.
Paulson and French Finance Minister Christine Lagarde spoke in favor of a strong dollar at the Group of Eight meeting.
``A strong dollar is in our nation's interest,'' Paulson said. Lagarde said she was ``happy to hear'' that view. Japanese Finance Minister Fukushiro Nukaga said intervention in the currency market wasn't discussed by the G-8 ministers.
The last time the major industrialized countries intervened was on Sept. 22, 2000, when they bought the euro after it tumbled 27 percent from its 1999 debut. They last propped up the dollar in 1995, when it sank almost 20 percent in four months against the Japanese yen to a post-World War II low of 79.95. Central banks intervene in currency markets by arranging purchases or sales of foreign exchange.
The yen weakened this week after Bank of Japan Governor Masaaki Shirakawa and his six colleagues left the overnight lending rate at 0.5 percent, the lowest among major economies, in a unanimous vote in Tokyo.
To contact the reporter on this story: Bo Nielsen in New York at bnielsen4@bloomberg.net
5. Yemen Launches Restoration Project of Qishleh Building in Saada
http://www.sabanews.net/en/news156626.htm
[14 June 2008]
SAADA, June 14 (Saba)- Governor of Saada Hassen Mana'a laid down on Saturday foundation stone for final phase of the Restoration Project of al-Qishleh Building, one of the most important historical monuments and archaeological cite of Saada at a cost of 25 million Riyals funded by the local council in province.
The governor said that al-Qishleh is one of the most important tourist attractions and destinations to attract a lot of tourists during their visit to the city of Saada which is located at the top of a hill at the center of the city.
It is one of the most prominent historical monuments and archaeological sites in Saada governorate.
SA/AM
Saba
Honorable Mention:
1. Mysterious Mountain Dino May be a New Species
http://www.biologynews.net/archives/2008/06/12/mysterious_mountain_dino_may_be_a_new_species.html
June 12, 2008 06:18 PM Biology
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This composite shows what bones were found and what the Sustut dinosaur may have looked like 70 million years ago. A partial dinosaur skeleton unearthed in 1971 from a remote British Columbia site is the first ever found in Canadian mountains and may represent a new species, according to a recent examination by a University of Alberta researcher.
Researcher Victoria Arbour explores bones of a mysterious dinosaur found in the Canadian mountains. Discovered by a geologist in the Sustut Basin of north-central British Columbia 37 years ago, the bones, which are about 70 million years old, were tucked away until being donated to Dalhousie University in 2004 and assigned to then-undergraduate student Victoria Arbour to research as an honours project. She soon realized that the bones were a rare find: they are very well-preserved and are the most complete dinosaur specimen found in B.C. to date. They are also the first bones found in B.C.'s Skeena mountain range.
"There are similarities with two other kinds of dinosaurs, although there's also an arm bone we've never seen before. The Sustut dinosaur may be a new species, but we won't know for sure until more fossils can be found," said Arbour, who finished researching the bones while studying for her master's degree at the University of Alberta. "It's very distinct from other dinosaurs that were found at the same time in southern Alberta."
The seven shin, arm, toe and possible skull bones were found nestled in a dip between mountains in the Skeena range, and while the fragments resemble those from a small two-legged, plant-eating dinosaur, the rest of the creature's identity is a mystery, Arbour says.
The fossils are currently in the collection of the Royal British Columbia Museum in Victoria and Arbour hopes to lead a U of A team to the site for future investigation.
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