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Dollar is Here to Stay
THE dollar is here to stay, at least as far as pricing in oil markets is concerned. Certain countries _ including Iran, France and Russia _ have periodically floated the idea of transforming the markets by settling crude oil transactions in currencies other than the dollar. But each time the notion is raised, it has been quickly dismissed on technical and economic grounds. And that remains the case today, more than ever. ''It's a red herring,'' said Leo Drollas, chief economist at the Center for Global Energy Studies in London. "The idea should be put back in its box for a while, especially with all the turmoil surrounding the euro.'' Various reasons have been cited for the calls to shift away from the dollar, which remains the world's reserve unit.
'THINK DIFFERENT' WAS JOBS' CREDO
WHEN Steve Jobs died on October 5, many commentators wondered whether Apple _ the company he cofounded and led through many years of profit and innovation _ could continue to thrive without him. After struggling with cancer, Jobs stepped down from his post as Apple's CEO in August, yet his impact on the company remained profound. After all, Apple's innovations _ from the personal computer to the iPod to the iPhone _ changed the way the world communicates and plays. Following Jobs' death at the age of 56, many argued that Apple's future was now in doubt.
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Thai PM bids to soothe flood panic

AFP

BANGKOK THAILAND’S premier moved on Friday to reassure Bangkok’s 12 million residents over a looming flood crisis, after an evacuation false alarm briefly sparked panic and people stockpiled food and water. Massive efforts are under way to prevent the densely populated capital from being inundated by the country’s worst floods in decades, which have wrecked havoc in north and central Thailand, leaving at least 289 people dead. Some residents in Bangkok’s northern suburbs rushed to move their belongings to higher ground late on Thursday after a government minister warned there was a risk of one-metre (3.3 feet) deep water owing to a burst dyke. But the authorities quickly backtracked, causing confusion among residents, some of whom have been piling sandbags outside their properties and buying flashlights, bottled water, instant noodles and other essential items. Prime Minister Yingluck Shinawatra said on Friday that the situation was under control. “The water level is stable and not increasing. So I would like to ask people not to panic,” she told reporters. In the Bangkok suburb of Saimai, local authorities received hundreds of phone calls from concerned residents after Thursday’s evacuation alert, district chief Nongpanga Boonpaksa told by telephone. “There were some frantic traffic jams in our district because people were trying to move their cars to higher places but the situation later returned to normal,” she said. About 110,000 people around the country have sought refuge in shelters in the face of the floods that have destroyed crops, inundated hundreds of factories and damaged the homes and livelihoods of millions of people. Currently 26 out of 77 provinces are affected, but conditions in inner Bangkok and at most of Thailand’s top tourist destinations are normal. The capital is bracing for a large amount of run-off water along with seasonal high tides this weekend that will make it harder for the flood waters to flow out to sea. Heavy rain drenched Bangkok again on Friday. But the authorities said they remained confident they could prevent serious flooding in the low-lying city. “Bangkok will definitely not be affected by floods,” said Justice Minister Pracha Promnog, who heads the government’s flood relief centre. “Bangkok is our capital city. We must fully protect it.” Sandbags have been piled in front of homes and businesses in preparation for possible inundation.


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