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Thanks to those high oil and gas prices earlier this year, the state of Texas raked in $363 million in oil-production taxes in just the last quarter of fiscal 2008, 36% more than the same quarter a year ago, and $777 million in gas-production taxes, up 55% over the same quarter a year ago. But the numbers are now beginning to tell a different tale. While natural-gas-production taxes are up 56% for the first quarter of fiscal 2009, oil-production taxes have slipped from the 72% increase seen in fiscal 2008 to a 36% increase...
...Daewoo, one of the country's four largest industrial conglomerates, was a shocker, but not because anyone was surprised by Daewoo's abysmal financial condition. That was obvious. The group was amassing dizzying amounts of debt in an ill-conceived global expansion (especially at its car company). A year earlier, I had called Daewoo's madcap strategy "corporate suicide" in the Wall Street Journal. The surprise was that policymakers and bankers had the guts to allow Daewoo to collapse. Daewoo was an icon of Korea's astounding economic miracle. Aside from cars, group companies made trucks, ships and TV sets...
...plan will move $13.4 billion in funds from the Troubled Asset Relief Program (TARP) to GM and Chrysler, with GM getting $9.4 billion and Chrysler $4 billion. The money will be in the form of three-year loans, but the terms permit the Obama Administration to demand earlier repayment - presumably triggering bankruptcy - if it believes the restructuring goals are not being met. The near-term target is a March 31 deadline for the automakers to show a plan for achieving long-term viability. Based on White House and Treasury descriptions of the plan, this will be less an acid test...
...situational variables" trump empathy: "Participants who were high in empathic concern expressed a reluctance to continue the procedure earlier than did those who were low on this trait. But this early reluctance did not translate into a greater likelihood of refusing to continue. This latter finding fails to support the notion that a lack of empathy explains the high obedience rates in Milgram's studies. Rather, the results again are in line with those who point to the power of situational variables to overcome feelings of reluctance in this situation...
...nabbed in the industrial city of Saltillo after giving antiabduction seminars to businessmen last week - classes that few others but local cops knew about. A Coahuila source familiar with the investigation tells TIME that one of the executives with Batista was also kidnapped but was returned, badly beaten, earlier this week. The abductors' unspoken warning to Mexican and U.S. officials alike: We will no longer tolerate anyone who makes our work more difficult. "Sometimes a kidnapping group takes someone not so much for money but to coerce," says Mexican security expert Arturo Alvarado of the Colegio de Mexico. "This sounds...