IMF says Bangladesh loan program on track

WASHINGTON: The International Monetary Fund on Thursday said Bangladesh was making progress with reforms under an IMF loan program and may be eligible for the second aid payment.

An IMF mission to Dhaka met with senior Bangladeshi officials in the first review of the country's performance under a $987 million Extended Credit Facility granted in April.

Bangladesh's performance under the loan program so far has been generally sound, said IMF mission leader David Cowen.

"Quantitative targets are broadly on track, with all performance criteria met at end-June 2012 -- the first test date under the ECF," he said in a statement.

Under the three-year loan deal, Bangladesh has pledged wide-reaching structural reforms to get its economy back on track and ease long-term poverty.

Bangladesh received some $141 million in an initial disbursement in April.

Cowen noted progress on structural measures as well as commitments by the government on several measures, including containing the budget deficit to 4.5 percent of gross domestic product in fiscal 2013.

The government also pledged to boost efforts to curb subsidy costs, particularly through a fuel price adjustment formula, and to take steps to lessen the negative impact on the most vulnerable.

The IMF Executive Board is expected to complete its review in January, which would make the second disbursement of some $141 million available to Bangladesh.

The government sought the IMF aid after rising global oil prices delivered a double whammy, spurring inflation and taking scarce foreign currency out of the country.

Under the IMF agreement, the government must hike prices of oil, power and fertilizer to bolster the country's shaky balance of payments. But poor farmers have relied on deep subsidies for decades.

"Despite global headwinds, Bangladesh's economy performed well in FY12, with preliminary estimates pegging growth at 6.3 percent," Cowen said.

The IMF projects GDP growth of about 6 percent in the current fiscal year, citing external uncertainties and the broader global slowdown.

-AFP/ac

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Made in America? Foxconn mulls U.S. expansion

Foxconn operates factories in several Chinese cities, including two campuses in Shenzhen. This is the gate of the Shenzhen factories.

(Credit:
Jay Greene/CNET)

"Made in the U.S." is becoming more appealing to at least one Asian manufacturer.

Foxconn, a major supplier to Apple and other tech companies, today told Bloomberg that it's seeking to expand its operations in North America as customers request more of their products made in the region.

"We are looking at doing more manufacturing in the U.S. because, in general, customers want more to be done there," Louis Woo, a Foxconn spokesman, told Bloomberg.

He didn't provide many other details beyond saying the supply chain is a big challenge for U.S. expansion, and any manufacturing in the U.S. would need to leverage high-value engineering talent as opposed to the low-cost labor in China.

While Woo didn't say which customers want to manufacture in the U.S., it's not too difficult to figure out one of them is likely Apple. Chief Executive Tim Cook, speaking to Bloomberg in an interview published today, confirmed that Apple is moving some Mac production to the U.S and is investing $100 million to help produce the computers here.

Foxconn, meanwhile, has been largely noncommittal about expanding in the U.S. The company told CNET last month that it wan't growing its North American presence despite reports at the time that it was doing so.

The company, which has a spotty labor history, would likely face a tough time in the U.S. As CNET noted last month, a new U.S. factory would have to conform to local labor laws, and Foxconn is rife with complaints about worker conditions in factors making iPhones and other high-volume tech products.

We've contacted Foxconn and will update the post when we have more information.

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High-Voltage DC Breakthrough Could Boost Renewable Energy

Patrick J. Kiger

Thomas Edison championed direct current, or DC, as a better mode for delivering electricity than alternating current, or AC. But the inventor of the light bulb lost the War of the Currents. Despite Edison's sometimes flamboyant efforts—at one point he electrocuted a Coney Island zoo elephant in an attempt to show the technology's hazards—AC is the primary way that electricity flows from power plants to homes and businesses everywhere. (Related Quiz: "What You Don't Know About Electricity")

But now, more than a century after Edison's misguided stunt, DC may be getting a measure of vindication.

An updated, high-voltage version of DC, called HVDC, is being touted as the transmission method of the future because of its ability to transmit current over very long distances with fewer losses than AC. And that trend may be accelerated by a new device called a hybrid HVDC breaker, which may make it possible to use DC on large power grids without the fear of catastrophic breakdown that stymied the technology in the past.  (See related photos: "World's Worst Power Outages.")

Swiss-based power technology and automation giant ABB, which developed the breaker, says it may also prove critical to the 21st century's transition from fossil fuels to renewable energy sources, by tapping the full potential of massive wind farms and solar generating stations to provide electricity to distant cities.

So far, the device has been tested only in laboratories, but ABB's chief executive, Joe Hogan, touts the hybrid HVDC breaker as "a new chapter in the history of electrical engineering," and predicts that it will make possible the development of "the grid of the future"—that is, a massive, super-efficient network for distributing electricity that would interconnect not just nations but multiple continents. Outside experts aren't quite as grandiose, but they still see the breaker as an important breakthrough.

"I'm quite struck by the potential of this invention," says John Kassakian, an electrical engineering and computer science professor at the Massachusetts Institute of Technology. "If it works on a large scale and is economical to use, it could be a substantial asset."

Going the Distance

The hybrid HVDC breaker may herald a new day for Edison's favored mode of electricity, in which current is transmitted in a constant flow in one direction, rather than in the back-and-forth bursts of AC. In the early 1890s, DC lost the so-called War of the Currents mostly because of the issue of long-distance transmission.

In Edison's time, because of losses due to electrical resistance, there wasn't an economical technology that would enable DC systems to transmit power over long distances. Edison did not see this as a drawback because he envisioned electric power plants in every neighborhood.

But his rivals in the pioneering era of electricity, Nikola Tesla and George Westinghouse, instead touted AC, which could be sent long distances with fewer losses. AC's voltage, the amount of potential energy in the current (think of it as analogous to the pressure in a water line), could be stepped up and down easily through the use of transformers. That meant high-voltage AC could be transmitted long distances until it entered neighborhoods, where it would be transformed to safer low-voltage electricity.

Thanks to AC, smoke-belching, coal-burning generating plants could be built miles away from the homes and office buildings they powered. It was the idea that won the day, and became the basis for the proliferation of electric power systems across the United States and around the world.

But advances in transformer technology ultimately made it possible to transmit DC at higher voltages. The advantages of HVDC then became readily apparent. Compared to AC, HVDC is more efficient—a thousand-mile HVDC line carrying thousands of megawatts might lose 6 to 8 percent of its power, compared to 12 to 25 percent for a similar AC line. And HVDC would require fewer lines along a route. That made it better suited to places where electricity must be transmitted extraordinarily long distances from power plants to urban areas. It also is more efficient for underwater electricity transmission.

In recent years, companies such as ABB and Germany's Siemens have built a number of big HVDC transmission projects, like ABB's 940-kilometer (584-mile) line that went into service in 2004 to deliver power from China's massive Three Gorges hydroelectric plant to Guangdong province in the South. In the United States, Siemens for the first time ever installed a 500-kilovolt submarine cable, a 65-mile HVDC line, to take additional power from the Pennsylvania/New Jersey grid to power-hungry Long Island. (Related: "Can Hurricane Sandy Shed Light on Curbing Power Outages?") And the longest electric transmission line in the world, some 2,500 kilometers (1,553 miles), is under construction by ABB now in Brazil: The Rio-Madeira HVDC project will link two new hydropower plants in the Amazon with São Paulo, the nation's main economic hub. (Related Pictures: "A River People Await an Amazon Dam")

But these projects all involved point-to-point electricity delivery. Some engineers began to envision the potential of branching out HVDC into "supergrids." Far-flung arrays of wind farms and solar installations could be tied together in giant networks. Because of its stability and low losses, HVDC could balance out the natural fluctuations in renewable energy in a way that AC never could. That could dramatically reduce the need for the constant base-load power of large coal or nuclear power plants.

The Need for a Breaker

Until now, however, such renewable energy solutions have faced at least one daunting obstacle. It's much trickier to regulate a DC grid, where current flows continuously, than it is with AC. "When you have a large grid and you have a lightning strike at one location, you need to be able to disconnect that section quickly and isolate the problem, or else bad things can happen to the rest of the grid," such as a catastrophic blackout, explains ABB chief technology officer Prith Banerjee. "But if you can disconnect quickly, the rest of the grid can go on working while you fix the problem." That's where HVDC hybrid breakers—basically, nondescript racks of circuitry inside a power station—could come in. The breaker combines a series of mechanical and electronic circuit-breaking devices, which redirect a surge in current and then shut it off.  ABB says the unit is capable of stopping a surge equivalent to the output of a one-gigawatt power plant, the sort that might provide power to 1 million U.S. homes or 2 million European homes, in significantly less time than the blink of an eye.

While ABB's new breaker still must be tested in actual power plants before it is deemed dependable enough for wide use, independent experts say it seems to represent an advance over previous efforts. (Siemens, an ABB competitor, reportedly also has been working to develop an advanced HVDC breaker.)

"I think this hybrid approach is a very good approach," says Narain Hingorani, a power-transmission researcher and consultant who is a fellow with the Institute of Electrical and Electronics Engineers. "There are other ways of doing the same thing, but they don't exist right now, and they may be more expensive."

Hingorani thinks the hybrid HVDC breakers could play an important role in building sprawling HVDC grids that could realize the potential of renewable energy sources. HVDC cables could be laid along the ocean floor to transmit electricity from floating wind farms that are dozens of mile offshore, far out of sight of coastal residents. HVDC lines equipped with hybrid breakers also would be much cheaper to bury than AC, because they require less insulation, Hingorani says.

For wind farms and solar installations in the Midwest and Rocky Mountain regions, HVDC cables could be run underground in environmentally sensitive areas, to avoid cluttering the landscape with transmission towers and overhead lines. "So far, we've been going after the low-hanging fruit, building them in places where it's easy to connect to the grid," he explains. "There are other places where you can get a lot of wind, but where it's going to take years to get permits for overhead lines—if you can get them at all—because the public is against it."

In other words, whether due to public preference to keep coal plants out of sight, or a desire to harness the force of remote offshore or mountain wind power, society is still seeking the least obtrusive way to deliver electricity long distances. That means that for the same reason Edison lost the War of the Currents at the end of the 19th century, his DC current may gain its opportunity (thanks to technological advances) to serve as the backbone of a cleaner 21st-century grid. (See related story: "The 21st Century Grid: Can we fix the infrastructure that powers our lives?")

This story is part of a special series that explores energy issues. For more, visit The Great Energy Challenge.

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Deadly, or Just Misused? Feds Sue Nap Nanny

The Consumer Product Safety Commission is taking action against the makers of a portable baby recliner called the Nap Nanny after five infant deaths linked to the product.

The commission filed a complaint Wednesday to force the manufacturer, Baby Matters LLC, to pull its product off store shelves and offer full refunds to their customers. In addition to the five deaths, the commission says there have been 70 complaints about children falling out of the Nap Nanny.

The commission says normally it can work things out with manufacturers to voluntarily recall a dangerous product, but for five months the makers of Nap Nanny have defiantly refused to pull its product or offer refunds.

"We believe it is a hazardous product and we are concerned about the safety of the children that are in there," Consumer Product Safety Commission spokesman Alex Flip told ABC News.

Baby Matters LLC describes the Nap Nanny as an infant recliner designed to increase the baby's comfort.

"We had to take action because of the number of incidences, and that is why we have filed this complaint against the company. They would not agree to a voluntary recall," Flip said.

The Nap Nanny was invented by a Philadelphia sportscaster and mother Leslie Gudel. She came up with the idea after learning her daughter would only fall asleep in the car seat.

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In a statement posted on Nap Nanny's website, Gudel said she is heartbroken for the families who have lost a child, but says the victims' parents misused her product by either not strapping the baby in or placing the device on a table or in a crib.

Some of the cases involved recliners that were placed in a crib, which the company has urged parents not to do.

"We do not believe the complaint has merit and stand behind the safety of our product when used as instructed," Gudel wrote in the statement. "The Nap Nanny should be placed on the floor with the harness secured."

Gudel says that the ongoing battle with the CPSC has cost her company so much money that it was forced to close last month.

"Another small business is gone. Twenty-two Americans are out of work between Nap Nanny and our supplier. This doesn't take into account the financial impact our closure has had on our other U.S. suppliers," Gudel wrote.

The first infant death was reported in 2010, which caused Nap Nanny to recall the product that same year and raise the sides of the recliner. The manufacturer also posted warnings and made an instructional video for parents.

According to the complaint, in April 2010, a six-month old died when she suffocated while using the Generation Two Nap Nanny. The infant was not secured in the harness and the medical examiner ruled the cause of death was positional asphyxia.

In July 2010, a four-month old died when she suffocated between a Generation Two Nap Nanny and the bumper in her crib. This time, the infant was secured in the harness but it failed to adequately restrain her in the recliner.

Still, the maker of the Nap Nanny stands by their product and says they have gone to "great lengths to make the safest product possible."

"No infant using the Nap Nanny properly has ever suffered an injury requiring medical attention," Gudel said in the statement.

Some 5,000 Nap Nanny Generation One and 50,000 Generation Two models were sold between 2009 and early 2012. About 100,000 Chill models have been sold since January 2011, reports The Associated Press.

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Dying aspen trees sound alarm for world's forests

They say what doesn't kill you makes you stronger, but that's not true for the US's iconic aspen trees.

They appeared to survive a severe drought between 2000 and 2003, but it is now clear that it fundamentally weakened them. If the same is true for other tree species, climate change may be pushing many forests perilously close to a tipping point.

Ever since the drought in western North America, aspen trees have been dying at an alarming rate, a phenomenon now known as sudden aspen decline. In some places, nearly a fifth of the trees – one of the main species in western US forests – have died.

Earlier this year, William Anderegg of Stanford University in California and his colleagues showed that the trees were dying mainly from water stress (PNAS, doi.org/fgfbsk). But it was unclear why they were still dying years after the drought had ended.

Air bubble intrusion

To find out, the team looked at the xylem, or water-conducting pipes, of declining aspen trees in Colorado. As trees lose water through their leaves, they suck up more through their roots. The drier the tree, the harder it must suck, but if it sucks too hard, air bubbles can creep into the xylem, interrupting water flow.

When Anderegg experimentally induced such cavitation in aspen twigs, he found that it developed more readily in those that had been through the drought, whether apparently healthy or dying. "There seems to have been some damage that would leave them more vulnerable to future water stress," says Anderegg.

Some evidence suggests that the stress of previous cavitation during the drought may have cracked the seams where xylem tubes connect, making it easier for air to creep in – and this so-called "cavitation fatigue" is still there nearly a decade later.

Tipping point

This means prior drought stress may make trees more likely to die from a later drought, says Anderegg. Since much of the world will experience more severe droughts as climate changes, researchers will need to take this into account when trying to predict the fate of the world's forests. "Accounting for history is going to be pretty key," says Anderegg.

This could be very bad news for forests. A recent study showed 70 per cent of tree species in 81 forest sites worldwide, from moist forests to arid ones, are already close to their threshold for drought-induced cavitation.

If every severe drought lowers this threshold, many of these species might be pushed past the tipping point to mortality. "Our forests are potentially going to change a lot," says that study's co-author John Sperry at the University of Utah in Salt Lake City.

Journal reference: Global Change Biology, DOI: 10.1111/gcb.12100

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Football: West Ham recommended for Olympic Stadium move

LONDON: West Ham United took an important step towards moving into London's Olympic Stadium after being granted 'first bidder' status by the London Legacy Development Corporation (LLDC) on Wednesday.

The Premier League team are competing with third-tier football club Leyton Orient, a football business college and a Formula One racing group to become permanent tenants of the east London arena.

"We had four good bids, as everybody knows. The bid that has been ranked top is West Ham United. I am very pleased about that," said LLDC chairman and London Mayor Boris Johnson.

"It will, if it goes through, mean a football legacy for the stadium but there is still a lot of negotiation to go on between the LLDC and West Ham United about the terms of the deal."

The LLDC board voted unanimously to make West Ham their first choice to occupy the arena.

West Ham's preferred bidder status does not involve the signing of any contracts but it puts the club in pole position to secure the 99-year lease on the stadium.

"In selecting West Ham United, the LLDC have secured a long-term viable financial future for the (Olympic) Park," said West Ham vice-chairman Karren Brady.

"On behalf of West Ham United, I feel privileged to have been granted the responsibility to play a key part in delivering a true Games legacy.

"We are now committed to working closely with our new partners and stakeholders in the Stadium to successfully conclude our discussions and bring our collective ambitions to fruition."

The Olympic Stadium, which cost £486 million ($782.7 million, 598.7 million euros) to construct, has been vacant since the end of the Paralympics in September.

Before West Ham could move in, the stadium would have to be converted into a football ground with retractable or moveable seating over the running track.

As part of a pre-existing legacy agreement, the stadium must continue to be used as an athletics venue.

Any future tenants would therefore have to share the ground with UK Athletics, while the 2017 World Athletics Championships are scheduled to take place at the stadium.

A final agreement would also be dependent on the new tenants securing funding for adjustments to the stadium, gaining planning permission and obtaining approval from the appropriate national governing bodies.

The LLDC, meanwhile, will be keen to make sure that taxpayer investment in the initial construction of the venue is protected so that any future benefits will be equally shared between investors.

"There is no deal-breaker as such," said Johnson.

"It is just a question of making sure that an asset, which is a public asset and something that taxpayers put half a billion pounds into, that the value of that is properly reflected in the commercial deal that is now being done with a private sector entity.

"People will understand that my job is to get the best possible deal for the taxpayer."

The LLDC confirmed earlier this month that the stadium will not re-open until 2015 at the earliest.

West Ham hope that leaving their current 35,000-capacity Upton Park home for the much larger Olympic Stadium would enable them to compete with the leading clubs in the Premier League.

-AFP/ac

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Facebook has 350 apps with 1M+ monthly active users each

Facebook's app world is getting pretty big.

The social networking giant today says there are now more than 350 apps on its Web site, with more than 1 million monthly active users each.

On the mobile side, nearly 200,000 iPhone and
Android apps are integrated with Facebook, including nine of the top 10 grossing iPhone apps. Additionally, more than 45 percent of the top 400 grossing iOS apps use the Facebook SDK.

Facebook, which is at the LeWeb conference this week in Paris, also revealed that Paris has become one of the top locations for timeline app development. The city of lights falls behind only San Francisco in terms of Open Graph submissions.

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Scientific Results From Challenger Deep

Jane J. Lee

The spotlight is shining once again on the deepest ecosystems in the ocean—Challenger Deep in the Mariana Trench (map) and the New Britain Trench near Papua New Guinea. At a presentation today at the American Geophysical Union's conference in San Francisco, attendees got a glimpse into these mysterious ecosystems nearly 7 miles (11 kilometers) down, the former visited by filmmaker James Cameron during a historic dive earlier this year.

Microbiologist Douglas Bartlett with the University of California, San Diego described crustaceans called amphipods—oceanic cousins to pill bugs—that were collected from the New Britain Trench and grow to enormous sizes five miles (eight kilometers) down. Normally less than an inch (one to two centimeters) long in other deep-sea areas, the amphipods collected on the expedition measured 7 inches (17 centimeters). (Related: "Deep-Sea, Shrimp-like Creatures Survive by Eating Wood.")

Bartlett also noted that sea cucumbers, some of which may be new species, dominated many of the areas the team sampled in the New Britain Trench. The expedition visited this area before the dive to Challenger Deep.

Marine geologist Patricia Fryer with the University of Hawaii described some of the deepest seeps yet discovered. These seeps, where water heated by chemical reactions in the rocks percolates up through the seafloor and into the ocean, could offer hints of how life originated on Earth.

And astrobiologist Kevin Hand with the Jet Propulsion Laboratory in Pasadena, California, spoke about how life in these stygian ecosystems, powered by chemical reactions, could parallel the evolution of life on other planets.

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Fiscal Cliff: Can Savings Be Found Without Sacrifice?

How does one come up with $4 trillion in revenue and spending cuts?

That's the question members of Congress, the Obama administration and fiscal experts around the country are grappling with as "fiscal cliff" talks continue to stall.

The fiscal cliff is a combination of the soon-to-expire Bush tax cuts coupled with a series of deep budgetary cuts to defense and domestic programs- the ultimate goal of which is to help stabilize the deficit going forward. While there is no exact amount of savings and revenue that would stabilize the country's debt- the number varies somewhat depending on who you ask- the generally agreed upon range is around $4 trillion.

Republicans and Democrats are drawing lines in the ideological sand. Democrats want to let the Bush tax cuts expire for the highest income earners, effectively raising tax rates on the top 2 percent of earners, which Republicans oppose. Republicans want to look at entitlement reforms- Medicare, Medicaid, Social Security, which Democrats oppose. The seemingly staunch stands beg the question--is there any way to reach a deal that would start to generate close to $4 trillion that does not involve raising taxes or reforming entitlement programs?

It's fiscally possible, but it's inconvenient and unlikely.

There are a series of trims that the government could make to the budget that would save a few billion here and there. Ideas that have been suggested include doubling the airline fee for a non-stop flight from $2.50 to $5, reforming our immigration detention programs, and prison reform.

But those ideas don't generate a great deal of savings in and of themselves. The airline fee increasing for example, it's estimated that raising the non-stop flight fee to $5 would only generate an additional $1 billion a year--$10 billion over the course of 10 years.

Prison reform is another avenue of savings. A study from the Vera Institute of Justice released in January, 2012 showed that in the fiscal year of 2010 the total cost for taxpayers of the nation's federal prisons was $39 billion--which was a little more than $5 billion more than the states' combined corrections budgets that year. The cost of an inmate per taxpayer on average was $31,286.

Reforming the system could trim that cost, but it's a complicated endeavor that lacks a single, or even simple handful of solutions, and at the end of the day wouldn't generate the hundreds of billions of dollars in savings needed to begin approaching the trillions in savings and revenue the government is looking for.

Those big savings, experts point out, are found in entitlements and taxes.

"The high-end Bush tax cuts generate a trillion dollars over 10 years. That's a quarter of the task of stabilizing the debt...That's achievable," said Chuck Marre, director of Federal Tax Policy at the Center on Budget and Policy Priorities. "If they just pass the tax cuts for 98 percent of the people only, by default that (revenue) happens and that's significant. Then you need to figure out where does the rest of the money come from?"

And a significant area where that money comes from, experts suggest, is entitlement spending.

"I'm sure there are some small programs that could be eliminated or curtailed but it would be a drop in the ocean of spending represented by entitlements," said Isabel Sawhill, a senior fellow at the Brookings Institution.

Social Security, Medicaid and Medicare, are categorized as mandatory spending in the government's fiscal budget. In the 2010 fiscal year 55 percent of the budget went to mandatory spending. Within that 55 percent, Social Security, Medicare and Medicaid made up a total of 71 percent combined, according to figures from the Center on Budget and Policy Priorities.

It's these avenues that will likely be the quickest and least complicated means of generating the savings necessary to stabilize the debt. Of course, the irony is, these avenues are also the most politically sacred, making a simple and painless fix to the problem effectively impossible.

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Back-to-basics money shot shows a cent's battle scars

Sumit Paul-Choudhury, editor

The euro has taken a bit of a battering of late - and not just in the financial markets. As you can see for yourself above, the surface of a 1-cent coin, while smooth to the naked eye, is pitted and scarred when viewed through a powerful microscope.

To create this image, artist Martin John Callanan, a fellow at University College London based in the Slade Centre for Electronic Media in Fine Art, worked with Ken Mingard, Petra Mildeova and Eric Bennett at the UK's National Physical Laboratory in London. The team used an optical microscope to create images of the lowest-denomination coins used in Australia, Burma, Swaziland and Chile, as well as the transnational euro. They took standard coins that had been in circulation and left the microscope to make 4000 tiny exposures overnight. It then took three days of processing to stitch these images together to create each final, 400-million-pixel version. The zoomable picture above is a low-resolution version.

The coin images are part of an ongoing series called The Fundamental Units in which Callanan explores "the atoms that shape the global economy". Ultimately, the series will encompass all 166 of the world's active currencies that use coins. The first five are on display as 1.2-by-1.2-metre prints, along with more of Callanan's works, at the Galleria Horrach Moyà in Mallorca, Spain, until 17 January 2013.

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