After
a tentative start in the 1980s, the cut flower industry has become
Kenya's third-largest foreign currency earner. From the colossal
greenhouses that line the shores of Lake Naivasha, some 25 per cent of
Europe's cut flowers now come from Kenya bringing in US$120-million
each year. The top two earners, tourism and tea, have been wrecked since
the disputed election last December.
SPACEAmsterdam
is going underground as overcrowding and soaring land prices force
planners to look beneath the city's famous canals for future urban
development. Residents of the historic houses that line Amsterdam's
central canals have to wait seven years for parking permits and a garage
space can cost as much as $150,000. Dutch engineers have unveiled plans
for a US$15-billion underground city providing one million square feet
of underground retail, leisure and parking facilities. Construction work
is expected to last up to 20 years.
REPAIRSTwo
groups, one in the US and one in the UK, are trying to create composite
materials such as reinforced plastics that will mend themselves if they
get cracked, in much the same way as animal's broken bones will heal.
The difference is that these materials heal in minutes rather than
months. Such materials will be welcome in high-stress applications that
are difficult to inspect regularly (the blades of wind turbines for
example) or are critical to safety (such as the doors and window-frames
of aircraft).
COINSThe U.S.
Mint plans to use less copper and nickel, but more zinc as it increases
penny production and cuts back on nickels, dimes and quarters. The
Mint's zinc needs will increase by approximately one million kilograms
while its copper use will decline by three million kilograms and its
nickel use will fall by 300,000 kilograms. The agency says its metal
needs reflect a shift in its product mix of coins based on demand, not
higher metal prices.
COPYRIGHTThe
European Union is seeking to extend copyright protections for
performing artists to 95 years, instead of the current 50 years, as is
the case with composers. In comparison, novelists and playwrights enjoy
protection for their life and 70 years afterwards. Copyright protection
for performers in the U.S. is 95 years from release. In Australia it is
70 years.
CROPSAccording to
the Food and Agriculture Organization (FAO), over the past century,
about 75 per cent of the world's crop varieties have been lost. UN
researchers say we now rely on just three crops: wheat, rice and maize.
Efforts are presently being made in some less-developed countries to
re-introduce crops that could be profitable such as millet, which has a
high nutritional value, and cassava, which is also known as tapioca.
TEAThe
American specialty tea market has almost quadrupled in 15 years and is
now worth around US$6.8-billion a year. America's health drive over the
past two decades has triggered a boom in the specialty teas, credited
with lower caffeine levels and antioxidants. Two centuries after the
Boston Tea party, English tea is no longer seen as a symbol of
oppression, but as an aid to health.
WINDOverturning
all previous records, the U.S. wind energy industry installed 5,244
megawatts of power in 2007 which will power the equivalent of
1.5-million U.S. households annually. This expands the nation's total
wind power generating capacity by 45 per cent in a single calendar year
and injects an investment of over US$9-billion into the economy. This is
the third consecutive year of record-setting growth establishing wind
power as one of the largest sources of new electricity supply for the
country. The U.S. wind power fleet now numbers 16,818 megawatts across
34 states.
PHONESThis year,
the number of cellphone users will overtake the number of non-users for
the first time. Ownership rates in developing countries are rising
fastest, with Brazil, Russia, India and China alone accounting for one
billion subscribers last year. In 2000, only 12 per cent of the global
population had a cellphone.
SANDScientists
are trying to find out how dust is affecting marine biology and, in
turn, the ocean's ability to soak up the greenhouse gas carbon dioxide.
Each year, about 1,700-million tonnes of dust are produced by deserts
around the world and about one-third of this falls into the oceans. The
North Atlantic receives the most dust thanks to its proximity to the
Sahara Desert. This sprinkling of sand can be critical for marine life
in the area.
ITCHINGDesigners
have developed pyjamas that regulate body temperature, stop itching and
ensure a good night's sleep, it is claimed. The nightwear, which is
produced from a fabric called Dermasilk, can also help reduce the
itching endured by sufferers of skin disorders such as eczema and
dermatitis. The pyjamas have been developed for Travelodge, the hotel
chain, which carried out a survey to discover what kept people awake.
The sleepwear will be tested by customers at five hotels in the U.K.
FLIGHTSA
quarter of domestic flights in the U.S. failed to arrive on time in
2007, the industry's second poorest performance on record. More than 26
per cent of commercial flights in the U.S. arrived late or were
cancelled last year as rising passenger demand and a industry preference
for smaller planes intensified congestion in the skies and on runways.
The only time passengers had more difficulty getting to their
destinations on time was in 2000 when more than 27 per cent of flights
were tardy or cancelled. Back then there were 31 per cent fewer flights
than in 2007.
COALFlooding
in Australia, snow in China and power outages in South Africa have put a
massive crimp in the world's coal supply. The deepest problems are in
the Australian State of Queensland which is said to supply 70 per cent
of the global coking coal market. Coking coal, also called metallurgical
coal, is used in the production of steel. It now seems inevitable that
coal prices will reach record levels in 2008.
ONIONSA
tear-free onion that should be tastier and healthier has been created
by using genetic tinkering to turn off the enzyme that makes us cry. It
is anticipated that the health and flavour profiles of the onions will
actually be enhanced. The onions can be chopped without painful, stingy,
weeping eyes. It is predicted that tearless onions will eventually
become mainstay in household kitchens around the world.
GOLDSky-high
gold prices did little to curb demand for jewellery in India, China and
some other Asian countries in 2007. Gold surged more than 30 per cent
last year, peaking at a 28-year high of about US$845 an ounce. Jewellery
consumption rose to 558 tons in India, the world's largest gold buyer
in 2007 from 526 tons in 2006. The big marriage season starts in April
when speculation is that gold may reach $1,000 an ounce. Gold jewellery
is the most common gift during religious events in India and forms an
essential part of a dowry.
CARGOA
cargo train arrived in Hamburg recently on a trial run from Beijing
after making the trans-Siberian journey in 15 days, half the time it
would take to transport goods by sea, and underscoring growing trade
between Asia and Europe. The train crossed through Mongolia, Belarus and
Poland. Train transportation is quicker than moving cargo by sea and
significantly cheaper than airlifting goods from China.
BEACHESGrain
by grain, Miami Beach is losing the fine, bone-white sand that draws
five million tourists a year and pumps US$8-billion into the economy. In
places, the Atlantic Ocean is now only six metres from the shore, the
result of incessant winds and water erosion, not global warming and
rising seas. The city is asking for federal help to lift a 21-year-old
ban on importing sand.
WATERChina
is planning to divert billions of gallons of water hundreds of miles
from drought-stricken regions to feed Olympic development in the capital
Beijing. Workers are struggling to finish a huge canal to meet a surge
in demand for water, fuelled by construction projects and the hundreds
and thousands of athletes and visitors at the games in August.
TIMESHARESThe
slump in the American real estate market has made things harder for
those trying to sell timeshares, though resale problems are worldwide.
With a generation of adults approaching retirement and hoping to relax
more, sales of new timeshares in the U.S., the biggest market, have
nearly doubled over the last five years. Sales in the U.S. reached
nearly $10-billion in 2006, about five times the rate of a decade
earlier. In Europe, more than 1.4 million people own timeshares, with
annual sales of more than $1.5-billion.
TRENDSAs
part of a turnaround plan, the coffee giant Starbucks has announced
that it will discontinue warm breakfast sandwiches at its stores and
focus instead on healthy breakfast options and high quality baked goods.
The company is to open 1,175 new restaurants in the U.S. during this
budget year, down from its previous goal of 1,600. It will close 100
underperforming locations in the U.S. The company will open 75 more
stores abroad than originally predicted, for a total of 975. U.S. sales
have been battered by a weak economy and increased competition.
BOOKSMore
books are sold on the Internet than any other product, and the number
is increasing. A recent survey of 26,312 people in 48 countries, 41 per
cent of Internet users has bought books online. Two years ago, 34 per
cent of Internet users had done so. Much of the increase is in emerging
markets such as South Korea and India.
FARMINGThe
world is set to see the first vertical farm which is going to be
developed in Las Vegas. The 30-storey project is designed to be a
functional and profitable working farm that will grow enough food to
feed 72,000 people for a year. The structure will house 100 crops
ranging from strawberries to lettuce. Even growing miniature banana
trees may be possible in each floor's specially controlled environment.
Although the initial cost of the project is high, the vertical farm
should be as profitable as a casino.
BISONPushed
close to extinction as the Prairies were ploughed, bison are
increasingly find a home on Canadian farms. Between 2001 and 2006, the
number of bison on farms increased by more than a third to over 195,000
head. Bison producers are concentrated in B.C. Alberta, Saskatchewan and
Manitoba. Alberta had 49 per cent of the herd and 46 per cent of the
farms. In 2006 exports of bison meat totalled 2,075,000 kilograms and
live bison exports peaked at 13,255 animals.
LOOTAn
international criminal gang have set their sights on stealing a new
type of loot that is making them millions, top-of-the-range tractors.
Hundreds of cumbersome agricultural machines are being stolen from farms
across rural Britain and smuggled abroad in an operation worth
US$6-million a year.
Thank you for reading the A & A Economic News Digest. For more
information visit our website www.aacb.com or contact A & A Contract
Customs Brokers Ltd. at
strehler@aacb.com.
Past issues of the A&A Economic News Digest can be found at
http://www.aacb.com/publications/ed/index.asp
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