Ruble Follows Oil Price in Decline, Rebounds

The Russian ruble fell today, before rebounding later, as prices for crude oil, the chief export of the country, declined, resulting in a drop of the trade balance surplus.
Crude oil prices fell 0.2 percent to $96.86 per barrel in New York today, heading for a second weekly drop. The prices were under pressure from swelling US stockpiles and the European credit crisis. Russia’s trade surplus shrank to $19.4 billion in March from $20.3 billion in February. Analysts predict that the ruble is likely to fall against the dollar next week.

Ruble Follows Oil Price in Decline, Rebounds

Pound Drops as Consumer Confidence Worsens

The Great Britain pound declined after a report showed that confidence of Britons worsened last month, spurring speculation that the Bank of England will be forced to perform quantitative easing.

Nationwide Building Society reported that the Consumer Confidence Index fell from 53 in March to 44 in April. Estimates before the report predicted the index to remain stable at 52. Robert Gardner, Nationwide’s Chief Economist, said:

It is not surprising that confidence remains fragile, with the economy shrinking over the past six months and labour market conditions still weak.

Pound Drops as Consumer Confidence Worsens

Australian Dollar Falls as China Signals About Slowing Growth

The Australian dollar slipped, falling to the lowest level this year against its US peer, as negative macroeconomic data hurt prospects for Australia’s exports and general pessimistic sentiment on the Forex market reduced appeal of growth-related currencies.

Australian Dollar Falls as China Signals About Slowing Growth

GBP Falls vs. USD & JPY, Gains vs. EUR Over This Week

The Great Britain pound fell against the US dollar and the Japanese yen this week as growing concerns about the health of the UK economy reduced appeal of the currency. The sterling is still perceived as refuge from Europe’s crisis, therefore it gained versus the euro.

Britain’s economy has entered a recession, significantly hurting prospects for the sterling. The Bank of England refrained from expanding stimulus during its last policy meeting, but most economists agree that the country needs quantitative easing. The pound is supported by its status of a safe haven, but such role looks tenuous considering the economic condition of Britain. Anyway, the

GBP Falls vs. USD & JPY, Gains vs. EUR Over This Week

Politico: Dems soliciting ads from lobbyists for its “official” convention magazine, corporate donations as well

Barack Obama insists that corporations and lobbyists will have nothing to do with funding the Democratic National Convention, a requirement that has put convention organizers into an $20-million hole. They recently tried to get unions to fill the gap, but apparently didn’t get much response from their sales pitch. On Thursday, the co-chair of the convention told Politico that he’s certain the unions will write the big check … eventually:
“My belief is they will support us,” Rogers told POLITICO on Thursday. “I think the issue is not whether. I think the question is how much. And I hope that they step up and give us the same level of support which they did in the Denver convention.”

Democrats are about $20 million short of their $36.6 million fundraising goal for the convention in large part because of labor groups sitting on the sidelines, The Wall Street Journal reported last week. Unions gave about $8 million to support the 2008 DNC, but they’ve largely balked over Charlotte because North Carolina is a right-to-work state.

Politico: Dems soliciting ads from lobbyists for its “official” convention magazine, corporate donations as well

Yet another plastic bag ban to save the world

It’s all the rage today, sweeping the nation from coast to coast. As we reported back in March, municipalities across the country are saving the world, one shopping trip at a time, by banning the use of plastic grocery bags. And now, despite some spectacular failures by others who paved the way, Los Angeles is poised to leap into the fray. But the industry is fighting back this time.
With Los Angeles on the verge of becoming the nation’s largest city to ban single-use bags at supermarkets and convenience stores, the plastics industry is beginning to fight back.

With a series of radio and television commercials along with a website (www.bagtheban.com) the American Progressive Bag Alliance also is lobbying city lawmakers to try to head off the plans to outlaw use of the bags.

Yet another plastic bag ban to save the world

Jay Rockefeller on rocky ground with coal

As Ed already reported this week, the Obama administration has taken belated notice of the fact that coal still provides a lot of the nation’s energy, (and jobs!) and is attempting to recalculate their political playbook accordingly. Not everyone seems to have gotten the memo, though, including one Jay Rockefeller. There is currently an amendment to the transportation bill on the table, put forward by David McKinley, which would stop the EPA from regulating coal ash as a “hazardous substance.” But even though the senator comes from coal country himself, he can’t seem to get on board.

Jay Rockefeller on rocky ground with coal