Here comes another assault on your pocket book. Grocery store prices for just about everything from meat to soda will be expected to spike. On of the budgets cuts that Congress could make that might ease the pain at the checkout counter and the gas pumps is to end the billions that are wasted subsidizing ethanol production which not only costs more to produce than a gallon of gas but pollutes more in its production.
The outlook for international food and grain supplies is looking more uncertain after the United States Department of Agriculture (USDA) reported projections that corn supply would decrease to lowest level in 15 years according to the Wall Street Journal.
The supply of corn has been depleted for a multitude of reasons including increased ethanol production, increased livestock feeding, and resulting rises in international demand. Luke Chandler, a commodity research analyst for Rabobank, has suggested that ethanol production has “changed [markets] in a structural way” and that the recovery for prices will take substantial time.
Consumption rates as evidenced by the USDA report show that the 12.4 billion bushels harvested in the US agricultural sector will decrease to 651 million bushels by August 31, 2011.
Say it isn’t so:
Talks with potential suitors Facebook and Google reportedly value Twitter at $8-10bn
Twitter has been holding talks with potential suitors including Facebook and Google that could value the micro-blogging site at $10bn (£6.2bn), according to reports.
The early stage talks are not believed to have progressed far but, according to the Wall Street Journal, one thing has been agreed on: the loss-making firm is worth somewhere between $8-10bn.
Twitter is a private company and does not disclose its revenues. Last year it is estimated to have had revenues of $45m but ended the year making a loss as the firm spent on hiring and new data centres. This year Twitter’s revenues are expected to more than double to between $100-110m.