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...Rotterdam to China's booming trading hub of Ningbo, troubling symptoms abound. The Baltic Dry Index, which tracks the cost of shipping raw materials, has plummeted from an all-time high of 11,793 last May to below 800, a 22-year low. The daily rental rate for the largest bulk carriers plunged from $234,000 last summer to less than $3,000 in early December, a staggering 99% reduction. "The violence of the drop is more extreme than anything we've ever seen before," says Jeremy Penn, chief executive of the London-based Baltic Exchange...
Even more worrying for the long-term outlook is the rush to cancel orders for new ships. Clarksons of London, the world's largest shipbroker, announced that new orders had dropped from 378 vessels in October 2007 to just 37 last October. In November, New York?based Genco Shipping and Trading wrote off a $53 million deposit in order to get out of a $530 million deal to buy six new vessels, freeing up liquidity and strengthening the firm's "ability to act opportunistically," a Genco spokesman said. As companies pull back to protect their bottom lines, many are simply...
Researchers from the Netherlands report in the New England Journal of Medicine that they have found a way to increase the chances that kidneys from deceased donors will succeed after transplant, thus sparing patients from expensive follow-up care or even another organ transplant. In the largest and first study of its kind, doctors compared two existing ways of preserving kidneys taken from deceased donors - in cold storage in an ice pack, or via cold perfusion, which involves hooking the kidney up to a machine that pumps a chilled blood-like solution throughout the organ. (See the top 10 medical...
...amazed that Saporito made no mention of the Big Three's most obvious and most easily remedied failure: clueless marketing. Consider that GM, arguably the world's biggest car company, is worth far less today than Harley-Davidson, the world's fourth largest motorcycle maker. Dexter Ford, MANHATTAN BEACH, CALIF...
...tense stability along the frontier. Some of Lebanon's Palestinian refugee camps are home to al-Qaeda-inspired militant groups who are suspected of having launched rockets into Israel on two occasions since the end of the 2006 war. On Sunday, the mood in Ain al-Hilweh, the largest and most lawless of the camps, located outside the southern port city of Sidon, was one of fury and mourning. "All that the Israelis are doing, these massacres, killings and bombings, is creating a new generation of suicide bombers," says Mounir Moqdah, a veteran warlord with the Fatah faction of Palestinian...