Thursday, December 27, 2012
FLIGHT CENTRE OFFERS
Check out these 5 Great Boxing Week offers available until December 31st.
Call us now at 1 877 967 5302 to speak directly to a travel consultant or enquire below.
Don't forget for every $500 you spend in December, you'll earn a $25 voucher and you can earn up to a maximum amount of $250** which can be used towards any future travel.
Offer One:
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$100* on roundtrip international airfares |
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$40* on roundtrip domestic and USA airfares |
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$150* per stateroom on cruises 7 nights or more |
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$150* per person on tours 7 days or more |
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$100* per booking on air and hotel packages |
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Earn up to $250 ** For yourself, or to give to friends & family this holiday season when you book with Flight Centre before Dec 31st. Click for full details » |
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Cheap gas hurts the middle class
Europeans pay more for energy. Here's why Americans should too.
By Jason Scorse, contributor
FORTUNE -- Gasoline in Norway currently costs more than $9 a gallon. In Germany the price is more than $8. Prices between $6 and $10 per gallon are common throughout most EU countries. In the U.S., by comparison, the highest average per-gallon price is close to hitting $5, and we grumble about it.
No one needs a crystal ball to imagine what would happen in the U.S. if we woke up one day to find gasoline prices on par with Europe. Americans would be apoplectic and politicians of all stripes would respond in kind.
So why have Europeans accepted such high gas prices?
In Europe, where there is universal healthcare, low-cost daycare, and free or low-cost university education, people are much more willing to pay higher energy costs to support environmental goals. Put simply, $9 a gallon gasoline doesn't make people poor in Norway or Germany, because generous social safety nets—partially funded by environmental taxes—more than offset the negative economic impacts.
According to recent data from the OECD, environmental taxes account for approximately 2.4% of GDP in Europe, compared to .8% in the U.S. (the lowest of all OECD countries). Given that the U.S. GDP is approximately $15 trillion (Europe's economy is more than $17 trillion), this 1.6% difference would provide the U.S. government with $240 billion annually in extra revenue if it taxed energy and pollution at the same rates as in Europe.
Norway is an oil-producing nation, the world's 5th largest oil exporter. Norway taxes gasoline heavily and exports its oil resources for the purposes of supporting a very generous welfare state. All told, Norway applies a 78 % income tax on oil producer's profits, and an additional gasoline consumption tax equal to about two-thirds the price of a gallon of gasoline at the point of sale.
The U.S. is the third largest oil-produce in the world, and yet we tax oil at very low rates. This has, along with the increase in gas prices over the past decade, contributed to record profits for U.S. oil companies. Our wealth is also spread very unevenly—the average American citizen receives much less support on everything from healthcare to education to job security than almost any country in the EU. Further, U.S. median income has stagnated since 1997, while the cost of healthcare and education has skyrocketed (70 percent and 119 percent, respectively).
Asking citizens to pay higher prices for gas and electricity, when tens of millions are struggling to make ends meet, is simply asking too much, unless they are also provided with offsetting social benefits that improve their daily lives.
Although most environmentalists are hesitant to admit it, in the short to medium term any legislation that puts a price on greenhouse gas emissions will make energy and consumer goods even more expensive. Estimates are that a cap and trade bill that imposed a modest $30 a ton price on carbon would cost the average U.S. consumer $800-$1,600 a year in higher prices. (Most economists believe that the carbon price needs to be significantly higher to get the U.S. on a path to 85% carbon reductions by 2050.)
As long as the middle class in America continues to face the mounting pressures of ever-increasing healthcare and education costs, declines in housing and retirement wealth, and the prospects of even less economic security—as debates about cutting Social Security and Medicare continue apace—it will be difficult for robust energy and climate policy to generate sufficient popular support to overcome the formidable political obstacles.
Americans care deeply about the environment, and most believe that climate change is a real and growing threat. They are acting rationally, however, when they oppose higher energy prices at a time of great economic insecurity.
The best hope for accelerating America's move away from its reliance on fossil fuels and towards a clean energy future is for environmental groups to team up with other progressive organizations, especially labor unions, and push for environmental policies in tandem with policies to boost economic security. The environmental movement faces a choice: expand its scope to include a broad middle class agenda or become increasingly irrelevant.
The only way to end the lingering distrust between environmental groups and labor is to acknowledge that generating support for environmental goals requires increasing economic benefits for the middle class. Doing so will require environmental groups to take a strong stand in support of universal healthcare, stronger Social Security and Medicare, progressive taxation, and financial support for education from preschool to college. No doubt many environmental groups will find it difficult or risky, but maintaining the illusion that environmental goals can be kept distinct from the economic decline of the middle class is no longer tenable.
Even a modest $25/ton tax on carbon pollution would raise over $100 billion a year in new revenue, which could provide funding for many popular programs with high rates of social return. The revenue would be enough to cover health insurance costs for 32 million uninsured Americans, while providing universal preschool education would only cost $35 billion; and if the revenue from this carbon tax was used to provide other forms of tax relief, the Earned Income Tax Credit could be tripled and the 10% bottom rate eliminated entirely.
Some environmental groups have already recognized the need to use more populist language that takes note of basic economic concerns. In late 2011, the Sierra Club sent out an email urging its members to stand with those fighting against economic inequality and injustice. This was a great start—but only a start.
Organized labor is making its voice heard as well. On January 12, 2012 Richard Trumka, President of the AFL-CIO, gave a speech at the UN Investor Summit on Climate Risk, in which he made the point that asking people in fossil-fuel dependent industries to support climate policy that will threaten their jobs doesn't make sense in the face of weak social safety nets.
The day that the leaders of the AFL-CIO, SEIU, and UAW along with the Sierra Club, Greenpeace, the Environmental Defense Fund (EDF), and the Natural Resources Defense Council (NRDC) share a joint press conference and announce their commitment to an escalating greenhouse gas tax where the revenue will be used for a combination of middle class tax relief and universal preschool for all American families, will mark the beginning of a new era in environmental policy. With declining union membership and an environmental movement demoralized by more than a decade of disappointment, an alliance between these two camps could help reinvigorate both.
The economics is unambiguous, and the math adds up. What is lacking is the political clarity, vision, and courage to put all of the pieces together and craft an effective narrative that the American middle class can rally behind.
http://finance.fortune.cnn.com/2012/12/06/cheap-gas-hurts-the-middle-class/?iid=obnetwork
Worst may finally be over for Apple
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
Apple (AAPL) shareholders finally have something to give thanks for as we get closer to Turkey Day. The stock surged more than 7% on Monday.
So is the worst is finally over for Apple, following a rough two months? The maker of iEverything is still technically in bear market territory -- shares pulled back a bit Tuesday and are down 20.3% from the all-time high of $705.07 that they hit on September 21. But Apple has shot up 11% from the intra-day low of $505.75 that it just hit last Friday.
I continue to think that the sell-off, while painful to anyone who bought Apple with a stock price beginning with the number 6 or (gulp!) 7, was healthy and necessary. Keep in mind that Apple's shares are still up nearly 40% year-to-date and have risen about 185% in the past three years. Any stock that goes up that quickly has to cool off from time to time.
Apple's fundamentals remain ridiculously strong. Analysts are forecasting sales growth of 24% for fiscal 2013. That's incredibly robust for any company, let alone a decades-old firm that it is expected to post annual sales of more than $190 billion next year.
The Apple sell-off is merely an exaggerated example of what's playing out in the broader market. Investors are nervous about the fiscal cliff, Europe's debt crisis and a potential slowdown in China. Apple would be hurt by a global economic slowdown, just like most other major blue chip companies.
As cliche as it sounds, Apple is now a victim of its own success. Many mutual funds and hedge funds own Apple, which means that institutional selling can quickly feed on itself as pros run for the exits. Making matters worse, Apple now pays a dividend that yields a healthy 2% -- so its shares are likely getting hit by fears that taxes on dividends will rise if a fiscal cliff deal is not struck before year's end.
"There is a big debate about what caused the drop, but it's a market proxy right now," said Mark Spellman, manager of the Value Line Income & Growth Fund in New York. "If you don't like the stock market right now, you sell Apple. Period. It doesn't matter if you like the new iPad."
Spellman said he recently bought the stock for his fund, since it became attractive around $525 a share.
Of course, there are risks to the Apple growth story. Investors and consumers clearly won't be satisfied solely by updates to current products. (Ooh! The phone is bigger! And the tablet is smaller!) The reason that Apple has been such a phenomenal success over the past decade is because it invented stuff we never knew we needed and made those gadgets must-haves. Will a long-rumored television overhaul be the next iPod, iPhone and iPad?
It's reasonable for investors to wonder whether Apple CEO Tim Cook has what it takes to wow consumers, Spellman said. Some argue that Cook hasn't really proven himself yet, since the iPhone and iPad were both products that were introduced under the watch of the late Steve Jobs.
But Apple's flaws seem to be more than priced in to the stock. Shares trade for just 11 times 2013 earnings estimates -- and that doesn't factor in the $121.25 billion in cash and securities Apple has on its balance sheet.
"If this was a stock trading at 30 times earnings, I'd be a lot more worried," Spellman said.
George Young, manager of the Villere Balanced Fund in New Orleans, agreed. He said he and his firm's partners debated for several weeks last year about whether or not they should buy the stock. They wound up doing so just before Jobs died. Ultimately, Young said he was swayed by the fact that Apple is the rare stock that is growing like a momentum darling but trades at a price that isn't reminiscent of the late 1990s tech bubble.
"It's a cheap stock but it's also a faddish one," Young said, noting that he can't help but be impressed by a company that makes products that appeal to his 20-something daughter as well as his 70-something uncle.
And at the end of the day, which other tech companies look more appealing right now than Apple?
HP (HPQ), Dell (DELL), Intel (INTC) and Microsoft (MSFT) are all struggling mightily because of the sluggishness in the PC business.
BlackBerry maker Research in Motion (RIMM) and Nokia (NOK) have both rebounded lately on hopes that new products will be big hits. But each stock remains well off its highs, and betting on a sustained turnaround is risky.
Amazon (AMZN)? The Kindle Fire may be doing well on the low-end of the tablet market. But the stock trades for more than 130 times 2013 earnings estimates!
That leaves Google (GOOG). While the House of Android is also a tech blue chip, a company with a dominant market position and solid growth prospects, Google's stock is more expensive (it trades at 14.5 times 2013 earnings estimates) and it doesn't pay a dividend.
Apple will peak eventually. All companies do. But it seems premature to say that it's best days are behind it.
"I'm not naive enough to suggest that any stock is a holding forever. Nothing goes just to the sky, and you are always going to have occasional sellf-offs with stocks like this," Young said. "But this has to be considered a core holding."
Note to readers: Thanks for the Twitter comments that helped me pick Apple for today's column. I promise to do another one on Ford (F), which many readers also wanted me to focus on, sometime soon.
There will be no Buzz on Thursday since it's Thanksgiving. Hope everyone has a great holiday. Enjoy the food, family and football!
http://buzz.money.cnn.com/2012/11/20/apple-stock-bear/?iid=s_bn_mid
Dinosaur smuggler faces 17 years in prison
The dinosaur smuggler has pleaded guilty and now faces 17 years in prison.
Florida native Erik Prokopi illegally bought and sold whole and partial dinosaur skeletons between 2010 and 2012, as part of what he described as a "commercial paleontology" business, according to the U.S. Attorney for the Southern District of New York.
The fossils included three Tyrannosaurus bataar skeletons, which are believed to have roamed the earth 70 million years ago, a Saurolophus skeleton and an Oviraptor skeleton.
Prokopi, 38, also faces fines totaling $750,000.
The attorney's office said Prokopi bought fossils from foreign countries and unlawfully transported them back to the U.S. The dinosaur remains slipped through customs, because Prokopi is believed to have misrepresented the shipments on customs forms.
The offenses violate laws of the United States and Mongolia, where it is a crime to take dinosaur fossils out of the country.
As part of his plea agreement, Prokopi will forfeit the remains, which will be returned to the country of origin.
"Black marketeers like Prokopi, who illegally export and sell these wonders, steal a slice of ... history," said Preet Bharara, Manhattan U.S. Attorney. "Fossils and ancient skeletal remains are part of the fabric of a country's natural history and cultural heritage."
Prokopi is scheduled to be sentenced on April 25, 2013. 
http://money.cnn.com/2012/12/27/news/dinosaur-smuggler/
Toys R Us Boxing Week Flyer is Now Live! (December 26-31)
We've got the goods on the entire Toys R Us Boxing Week Flyer and the sale items are in effect starting December 26 through to December 31 (unless otherwise noted). We've taken a quick skim through and have pointed out some of the better deals below:
- Ninteod DSi Handheld Console - $79.97
- Xbox 360 Holiday Bundle with Skyrim, Forza Motorsport 4 and 1 Month of Xbox Live Gold - $199.97
- 40% off all Leapfrog and V-Tech Software
- 30% off all Remote Control Vehicles
- 40% off select Lego Star Wars and Hero Factory
- Buy One, Get One Free all $24.99 and Under Hasbro Board Games
- 1/2 Price Select Barbie Dolls
- PlayStation 3 160GB Boxing Day Console - $189.97
- 30% off all Party Board Games
- Batman Arkham City - $14.97
- LittleBigPlanet Karting - $19.97
- Call of Duty Black Ops II - $49.97
- Halo 4 - $39.97
The sale starts on December 26.
http://www.redflagdeals.com/deal/kids-babies/toys-r-us-boxing-week-flyer-is-now-live-december-26-31/
Walmart Boxing Week Blowout Sale is Live Online -- Shop Now with 6% Cashback from RFD
Update: The sale is live online now -- shop now and get 6% cashback from RFD! There are some deals that snuck up on us like the Westinghouse 40" LED HDTV for $298, so be sure to check out our highlights below.
Originally posted December 21: We've got nice clear images for the Walmart Boxing Week Blowout flyer and it's full of deals. In-store, the sale starts on December 26.
Online, the sale starts on December 24 at 12PM EST at Walmart.ca. As a great bonus, through December 31 RedFlagDeals.com is offering 6% cash back on your Walmart.ca purchases!
Here's a quick look at some of the best deals:
Computers & Electronics
- Westinghouse UW40T2BW 40” LED HDTV - $298.00
- RCA 50" LED with 1080p, 60Hz, 2 HDMI - $498 (December 26 only)
- XBox 360 250GB Bundle w/Forza 4, Skyrim, and Headset - $199
- RCA 32" LED HDTV with 720p 60Hz 2 HDMI - $198
- BlackBerry PlayBook 64GB - $168
- Canon Rebel T2i DSLR Digital Camera w/18-55mm Lens - $488
- Canon Pixma MG 3120 Wireless All-in-One - $34.98
- VTech 2-Handset Phone - $38.67
- PS3 Dualshock Controller - $39
Home & Garden
- Tassimo T55 Hot Beverage System - $98.00
- Tassimo T46 Hot Beverage System - $88.00
- Keurig B40 Elite Brewer - $88.00
- 32 cm Non-Stick Pan with Handle - $9.97
- Brita Bella Pitcher or 3-Pack of Brita Pitchers - $15
- Dyson DC29 Multi Floor Vacuum - $498
- Hollister BBQ with 5 Main Burners, Sear Burner, Side Burner - $248
- KitchenAid Ultra Power Stand Mixer - $188
- Easy Vac Bagless Upright Vacuum - $39.77
- 14-Piece Pyrex Food Storage Set - $14.98
- 110-Piece Tool Set - $15
- Stanley Tool Chest with 87 Stanley Tools - $98
Apparel
- Fleece Top, Jacket or 1/4 Zip Jacket - $10
- George Men's Denim - $7.96
- Men's All-Cotton Organic Tee - $7
- Ladies Hollywood Tops or Bottoms - $10
- Select Watches - $5 and $12
Fitness
Future Shop Boxing Week Flyer Now Available (Valid Dec 28 to Jan 3)
Don't close the book on Boxing Week offers yet! RedFlagDeals is excited to bring you another big release -- Future Shop's Boxing Week Flyer! The offers are valid from December 28 to January 3.
Here's a taste of some of the offers:
- Sharp 40" LE431U Series 1080p 60Hz LED TV - $399.99
- Denon 5.1 Channel Receiver AVR-1713 - $349.99
- LG 47" LS4500 Series LED TV 1080p 120Hz - $599.99
- Canon Rebel T3 Digital SLR w/ 18-55mm, 75-300mm lenses - $479.99
- LG 5.0 Cu. Ft. Front-Load Steam Washer and 7.4 Cu. Ft. Steam Dryer Pair - $1799.98
- Epson All-In-One Inkjet Printer/Scanner/Copier NX-130 - $29.99
- Sharp Aquos 60" 1080p 120Hz LED HDTV - $1199.99
- Samsung 55" 1080p 120Hz LED HDTV - $899.99
- Over 150 Blu-rays under $10 each
- Casio 61-Key Electric Keyboard (CTK-3200) - Black - $79.99
- Netgear Wireless N Router WNR2000-200PAS - $29.99
- Logitech Illuminated Keyboard - $49.99
- HP 23" IPS LED Backlit Monitor with 7 ms Response Time - $149.99
- Samsung 4.5 Cu. Ft. Steam Washer + 7.4 Cu. Ft. Steam Dryer - $1599.98
- Keurig Mr. Coffee Single Serve Coffee Maker - $59.99
- Hamilton Beach 1.2 Litre Blender - $29.99
- GE 20.2 Cu. Ft. Bottom Mount Stainless Steel Refrigerator - $949.99
- Haier 5.0 Cu. Ft. Chest Freezer - $159.99
- Bosch Tall Tub Built-In Dishwasher Stainless Steel - $479.99
- Canon EOS 60D 18.1MP DSLR Camera Bundle - $999.99
http://www.redflagdeals.com/seasonal/boxingday/deals/future-shop/
8 travel resolutions for 2013
(CNN) -- Those of us who love travel know it can be a life changer. Since making resolutions is de rigueur this time of year, why not resolve to take steps that lead to adventurous and memorable trips all year long?
Consider these eight resolutions for 2013:
Take off on your own -- even if you're traveling with a group.(Especially if you're traveling with a group).
While togetherness can be great, at a point we all need a break. If you're an early riser, step out and stroll the half-empty streets before your fellow travelers get up. Longing to check out a boutique or museum no one else will appreciate? Do it on your own.
If you feel badly about ditching your companions, pretend it's an adventure. Suggest everyone spend one morning or afternoon finding something they'll later introduce to the group. Not only will you discover some cool new spots when you regroup, you'll get to spend time alone inside your own head on your own personal treasure hunt. Everybody wins.
Don't let the lack of a foreign language keep you at home.
No matter how many (or how few) stamps you've got in your passport, hit the road anyway. When you arrive at your destination, those you'll meet won't expect fluent French, Mandarin or Swahili to flow from your lips. But you still should at least learn the pleasantries in your hosts' country -- as in "thank you," "please," "excuse me" -- before you show up.
If you have time and the funds, why not sign up for a brief language course in your hometown? If you're on a budget, your local library likely has phrasebooks or dictionaries you can borrow. Does a restaurant in your area serve food from your destination country? Visit before you go and ask the staff to help you with a few words. Smart travelers know that it's the small things that mean the world to those you'll meet. Show respect by speaking their language -- even if just a little -- and you'll get respect in return.
Say you're not a "tour" or "cruise" person? Give one a shot.
Many of us experienced travelers pride ourselves on making our own way in the world, seeking out B&Bs and locally owned boutique hotels. We scour blogs and message boards for barely known ethnic eateries on the other side of the world. And once we arrive, we muddle through broken French-Turkish-Vietnamese-Urdu to figure out how to get around.
But for a change, why not sign up for an excursion where someone else gets paid to do the planning? When going to parts of the world where no one is likely to speak your language -- or if you're visiting a place where it's not especially safe to travel alone -- an escorted tour makes plenty of sense.
Even if you think a cruise will be too confining, consider taking one based on your passions or interests. It could be American baseball legends, classic Hollywood films or the sounds of "Soul Train." Or set sail to a destination like Antarctica or Alaska, where being on the water makes navigation easier.
Don't be ashamed to fall back on what's familiar.
As someone who often writes about cuisine, I love fine dining, great wine and Michelin-star restaurants as much as the next foodie. Still, there are some days on the road -- even in incredible food destinations like Paris or Rome -- when I get a craving for McDonald's fries and nothing else will do. And that's OK.
I still remember years ago when a Spanish corporate colleague hosted me for a day of sightseeing and shopping in Madrid and for a coffee break she took me not to a historical Spanish café, but to Starbucks. I was appalled. But now as a more seasoned and far less snobby traveler, I appreciate it.
I have an American friend who lives in West Africa, and when she recently came to Paris, what did she long for? Stops at Starbucks and the city's first Chipotle location. Sometimes you just want what's familiar and comfortable -- so make no apologies and indulge.
Vow not to leave vacation days on the table.
Even though Americans earn less vacation time than most other industrialized countries -- a median 12 days, according to a recent Expedia Vacation Deprivation study -- they still tend to forgo two days. Whether folks think they can't financially swing a trip or fear their bosses will think negatively of them for taking off, we're leaving that earned time on the table.
I never was one of them, but I always foolishly took my work with me on the road, calling into conference calls and frequently checking e-mail when "on holiday." But that's a bad habit -- and one you'll be expected to maintain if you do it. So don't start. Otherwise, you'll return from your vacation in need of another one. Periodically disconnecting from work is not only good for you, but it also will make you a more productive employee or boss when you get back.
Start a travel-specific savings account.
No matter how much we love to travel, most of us aren't made of money. Very often, our discretionary funds -- or the lack of them -- determine where we go, when, and for how long. But if there's someplace you've been dying to check out, why not create your own personal layaway fund? These days, it's easy to pre-arrange for a set amount of cash -- even if it's just $15 or $20 -- to be deducted from your paycheck or bank account.
Or go the low-tech route and toss spare change and small bills into a dedicated jar. Over time, even small sums add up and just may mean the difference between taking that trip and staying home. The adage about your checkbook showing what you care about is true. If travel is truly a priority for you, then save like it.
Do at least ONE thing that scares you while you're on the road.
Travel often shakes you from your comfort zone -- and that's a good thing, especially for those of us who feel an obsessive need to always be in control. Why not consciously decide that while you're away from home, you'll do something that's a bit out of character? Nothing dangerous, of course -- just eyebrow-raising for you. For some of us, that's sampling a dish we'd never try at home -- whether fish cheeks in China or Tuscan cinghiale (wild boar) at the always-lively Il Latini ristorante in Florence. (So what if you hate it? You never have to try it again.)
For others, it's ziplining over the jungles in Costa Rica. Yet others may take the baby step of going to the theater alone. Don't forget to build an element of whimsy into your trips -- and perhaps surprise yourself, too.
Don't let other people's fears keep you from going.
There's nothing sadder than letting other folks' hang-ups keep you at home. How many of us have been told how "scary" certain places are because someone knew someone who'd once heard of someone who'd been robbed on a train or gotten sick from the water?
Perhaps you've been advised not to visit a country because there won't be many people who look like you. But so what if people stare? Although people in "low-look" countries such as the United States and Great Britain are taught that it's impolite, not all cultures consider steady eye contact "rude." In "high-look" countries such as Italy, you may find yourself the object of a long gaze. Perhaps people are just curious or think you're attractive.
Travel teaches you that we can't always judge others' behavior by how we do it at home. Use common sense, but vow to make travel choices that speak to you and your values, not other people's fears. Besides, friendliness and warmth transcend languages and cultures, so travel expecting the best.
http://www.cnn.com/2012/12/27/travel/travel-resolutions/index.html?hpt=tr_c1
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