All of the United States' 140 million jobs depend on energy,in the view of Exxon Mobil.The World Energy Council says energy is the backbone of every economy,Exxon points out.That being the case,our energy portfolio must be expanded,not restricted.Despite a fall in demand,energy companies such as Exxon are continuing to invest billions of dollars in exploration and production.Exxon is averaging 25-30 billion a year in worldwide projects.These oil and gas activities support more than nine million U.S. jobs.More access to U.S. resources would add even more positions.The total value contributed to the U.S. economy by oil and gas in 2007 alone exceeded one trillion dollars,or about 7.5% of the Gross Domestic Product.
Developing all possible energy sources,including oil,natural gas,coal,nuclear and alternatives will keep energy costs down,create new jobs and improve consumer choices,Exxon believes.
The World Energy Council holds that sustainable development is not only about the environment.Policies which fail to contribute to economic and social development will themselves prove unsustainable.In order to support U.S. economic recovery and global competitiveness,the oil and gas industry is calling for sound and stable regulatory,legal and tax policies to encourage energy investments.
Exxon successfully led a consortium to access to an Iraqi oil field last week.As well,Exxon is purchasing XTO Energy for 31 billion dollars,seeking XTO's shale oil and gas holdings and expertise.
Tuesday, December 15, 2009
Monday, December 14, 2009
Geithner Exercises His Authority
Treasury Secretary Timothy Geithner invoked his statutory authority last week in a letter to the U.S. Congress.Mr.Geithner notified Capitol Hill that he has extended the Troubled Asset Relief Program,or TARP,until October 3,2010.He does not expect to deploy more than 550 of the 700 billion dollar war chest,and is looking for up to 175 billion in repayments by the end of 2010.Reduced commitments will allow significant resources to pay down the national debt.
Mr.Geithner said the extension will allow continued implementation of housing and small business support programs.He anticipates recovering all but 42 billion of the 364 billion in TARP funds deployed this year.Several banks,such as Bank of America and Goldman Sachs,have already repaid their TARP allotments.Citigroup is planning the repayment of its 20 billion dollar loan from TARP.At 9%,Citi's Tier One capital ratio is the highest in the industry,indicating its ability to repay the debt,in the company's opinion.Citi will sell 17 billion in common shares,plus 3.5 billion in tangible equity units.By 2010,Citi will emerge from the pay restriction regime.
Mr.Geithner said the extension will allow continued implementation of housing and small business support programs.He anticipates recovering all but 42 billion of the 364 billion in TARP funds deployed this year.Several banks,such as Bank of America and Goldman Sachs,have already repaid their TARP allotments.Citigroup is planning the repayment of its 20 billion dollar loan from TARP.At 9%,Citi's Tier One capital ratio is the highest in the industry,indicating its ability to repay the debt,in the company's opinion.Citi will sell 17 billion in common shares,plus 3.5 billion in tangible equity units.By 2010,Citi will emerge from the pay restriction regime.
Friday, December 11, 2009
USC's Medical Mecca
The University of Southern California's Keck School of Medicine is a vast,world class system of institutions involved in education,research and patient care.It is a beehive of medical activity of all kinds.The underserved are cared for along with private patients.Research activities range from cancer studies to stem cell research.The latter is funded by noted businessman and philanthropist Eli Broad and his wife Edythe.
Keck's sprawling domain encompasses two private hospitals and a network of outpatient clinics staffed by USC doctors.Keck also partners with a number of other entities on medical facilities and programs.The range of its activity is so extensive,it's difficult to get your arms around at first.
USC is the largest private employer in Los Angeles.It brings more cash flow into the city than any other private institution or corporation.A magnet for foreign students,it is a co-founder of the Association of Pacific Rim Universities,a consortium of 42 leading research universities.USC employs about 3,000 full-time faculty and trains more than 900 medical residents.It has been recognized for its service to the surrounding communities by Time Magazine and the Princeton Review.
Keck's sprawling domain encompasses two private hospitals and a network of outpatient clinics staffed by USC doctors.Keck also partners with a number of other entities on medical facilities and programs.The range of its activity is so extensive,it's difficult to get your arms around at first.
USC is the largest private employer in Los Angeles.It brings more cash flow into the city than any other private institution or corporation.A magnet for foreign students,it is a co-founder of the Association of Pacific Rim Universities,a consortium of 42 leading research universities.USC employs about 3,000 full-time faculty and trains more than 900 medical residents.It has been recognized for its service to the surrounding communities by Time Magazine and the Princeton Review.
Tuesday, December 8, 2009
Commercial Real Estate Outlook
The recovery of the commercial real estate market is years away,according to magnate Sam Zell,Chairman of Equity Group Investments.We haven't had a major commercial real estate asset committed since July of 2007,Mr.Zell says,and it will be another 12-36 months before that happens again.I don't think normalization will provide equity to the current owners.The bottom line is,there's more debt than value.You're not gonna get anything if you do sell,Mr.Zell pointed out.
In his own case,Mr.Zell sold Equity Office for 39 billion dollars in 2007,at the top of the market.Somebody made him a Godfather offer,he jokes,and when you're not buying,you're selling.
I don't believe commercial real estate is the next leg down,Mr.Zell stated.The kind of real estate that regional banks loaned against was smaller,local-not institutional.Condominiums do not qualify as institutional real estate,Sam Zell indicated.Some observers have been warning that commercial real estate will likely cause a double dip recession when owners fail to get the refinancing they need as their loans come due.
In his own case,Mr.Zell sold Equity Office for 39 billion dollars in 2007,at the top of the market.Somebody made him a Godfather offer,he jokes,and when you're not buying,you're selling.
I don't believe commercial real estate is the next leg down,Mr.Zell stated.The kind of real estate that regional banks loaned against was smaller,local-not institutional.Condominiums do not qualify as institutional real estate,Sam Zell indicated.Some observers have been warning that commercial real estate will likely cause a double dip recession when owners fail to get the refinancing they need as their loans come due.
Monday, December 7, 2009
Special Access:White House Jobs Summit
Christina Romer,Chairman of the Council of Economic Advisors,related what she noted at the White House Jobs Summit last week.It was energetic and creative,she said.I heard some very positive things.Export creation came up,and a lot of interest in green initiatives like cash for clunkers.The one I heard a lot is credit.I heard a fair amount about tax incentives;a hiring credit;an R&D tax credit.The President wants to bring the private sector back in from the sidelines.There are gonna be fundamentally targeted measures,trying to get the private sector involved,Ms.Romer added.
For his part,President Barack Obama,speaking at the Eisenhower Executive Office Building across from the White House,said he heard some exciting ideas and proposals.There was agreement we have enormous infrastructure investments to make.We have to do this more effectively,with more coordination among federal,state and local governments.We also heard in the clean energy session how weatherization and clean energy have immediate benefits,the prospect they will pay for themselves by energy savings.There was consensus that if we can focus on the business opportunities of clean energy,America will be able to compete in the next round of global growth.
This is just the start,Mr.Obama said.The input from business leaders is gonna be continuous,the President promised.Ron Saxton,Executive Vice-President of Jeld-Wen,said energy efficient doors and windows could put people back to work immediately.Even a modest effort would create 10,000 jobs.An aggressive effort would create 100,000 jobs,Mr.Saxton believes.
For his part,President Barack Obama,speaking at the Eisenhower Executive Office Building across from the White House,said he heard some exciting ideas and proposals.There was agreement we have enormous infrastructure investments to make.We have to do this more effectively,with more coordination among federal,state and local governments.We also heard in the clean energy session how weatherization and clean energy have immediate benefits,the prospect they will pay for themselves by energy savings.There was consensus that if we can focus on the business opportunities of clean energy,America will be able to compete in the next round of global growth.
This is just the start,Mr.Obama said.The input from business leaders is gonna be continuous,the President promised.Ron Saxton,Executive Vice-President of Jeld-Wen,said energy efficient doors and windows could put people back to work immediately.Even a modest effort would create 10,000 jobs.An aggressive effort would create 100,000 jobs,Mr.Saxton believes.
Friday, December 4, 2009
Dentists and Overall Health
The mouth is truly a portal to the rest of the body.That is why dentists are able to detect more than 120 diseases in the course of their regular oral exams.Clearly they should be regarded as integral members of the health care team.Some of the conditions they can spot are diabetes,osteoporosis,kidney disease,tuberculosis and high blood pressure.Their oral cancer screening is often a lifesaver.
If you have dental checkups every six months,your dentist may be the health professional who examines you most often.Their careful evaluation can be extremely beneficial to your quest for wellness.
If you have dental checkups every six months,your dentist may be the health professional who examines you most often.Their careful evaluation can be extremely beneficial to your quest for wellness.
Tuesday, December 1, 2009
Citimortgage Faces the Headwinds
It looks like home prices are gonna be under pressure for the next couple of quarters,says Sanjiv Das of Citimortgage,but he's cautiously optimistic with all the government programs aiding homeowners.We've really been out there trying to help,but face headwinds such as unemployment and homeowners owing more than their homes are worth,Mr.Das explained.We are massively increasing the number of modifications;we are reducing rates and extending the terms.
For Q3,we did substantially better than the industry,Mr.Das held.I can't fight the headwind of unemployment,he admitted.The thing here is to keep aggressively modifying as many loans as we can to keep people in their homes.In Q3,we processed 175,000 mortgages.The modifications are tailored to individual circumstances,Rajiv Das pointed out.The U.S. government is scrutinizing whether the banks are helping enough homeowners with its aid.
For Q3,we did substantially better than the industry,Mr.Das held.I can't fight the headwind of unemployment,he admitted.The thing here is to keep aggressively modifying as many loans as we can to keep people in their homes.In Q3,we processed 175,000 mortgages.The modifications are tailored to individual circumstances,Rajiv Das pointed out.The U.S. government is scrutinizing whether the banks are helping enough homeowners with its aid.
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