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Kamis, 23 Juni 2011

Flying To Paris On Biofuels

Flying To Paris On Biofuels



SOMEWHERE OVER THE ATLANTIC ­ – I’m more than half way to Paris on the first transatlantic flight powered by biofuels and the journey has been….utterly unremarkable.

Which is exactly the point.
No modifications to Honeywell’s Gulfstream G-450 were needed before the biofuel made from camelina seed – an inedible plant – by the company’s UOP subsidiary was pumped into one of the six-year-old jet’s Rolls-Royce engines.
“The only difference is that there’s no aviation fuel smell, which the ground crew appreciates,” Ron Weight, Honeywell’s chief pilot, said before take-off Friday evening from a municipal airport near the conglomerate’s headquarters in Morristown, New Jersey.
That and the word “Experimental” emblazoned on the G4’s fuselage. The designation reflects a U.S. Federal Aviation Administration waiver that allows us to make the world’s longest renewable energy-powered flight as Honeywell’s Green Jet Fuel has not yet been approved for commercial use.
Not for long, though: final regulatory approval for this type of biofuel is expected within weeks. That will officially kick off the age of green jet travel, though it will be some years before supply ramps up to make even a dent in the 60 billion-gallon annual global market for petroleum aviation fuel.
“It’s a great way for us to celebrate the approval of the fuel and kind of usher in the next generation,” Jim Rekoske, Honeywell UOP’s vice president for renewable energy and chemicals, said as we cruised at 41,000 feet. “We’re done with the last hurdle of certification and now we’re ready to go at commercial scale and ready to move into commercial use of these fuels.”
Just about every major airline, from Air New Zealand to Virgin, has signaled strong interest in aviation biofuels. And no wonder: petroleum-based aviation fuel prices are spiking, airline profits are in a nose-dive and European limits on jet emissions take effect in 2012. Not to mention those image-conscious airline executives who would like to green up the most carbon-intensive form of travel.
As we retrace Charles Lindberg’s 1927 pioneering flight across the Atlantic to Paris, the 50-50 blend of biofuel and petroleum aviation fuel in the right engine is burning 68 percent less carbon than the fossil fuel in the left engine, according to Rekoske.
That’s because the Green Jet Fuel is essentially recycling the carbon that had already been absorbed from the atmosphere by the camelina plants before they were harvested on farmland in Montana. A company called Sustainable Oils crushed and processed the seeds, which Honeywell then refined into jet fuel at a facility in Houston.
By the time the G4 lands at the Paris Air Show, it will have saved a net 5.5 million metric tons of carbon emissions.
That should alleviate some billionaires’ guilt about the environmental price of flying luxe. (My favorite G4 touch – the electric window shades.)
In fact, the corporate jet market could be a profitable niche for Green Jet Fuel if distribution challenges can be worked out.
As dawn breaks, I pop into the G4’s cockpit to see how the biofuel-powered engine has been performing.
“It appears to be burning a little less fuel than the other engine,” said copilot Rob Odgers. Which, of course, is a good thing.
Other than that, Captain Weight said, “We don’t notice a thing. All the performance is exactly the same.”
When we land in Paris in a couple of hours, we’ll beat by two days aBoeing 747-8 freighter flying from Seattle on a 15% biofuel mix powering all four engines.
But Honeywell wins any way you slice it: the company’s Green Jet Fuel is also powering Boeing’s jumbo jet.

Transphorm Launches First Power Diode

Transphorm Launches First Power Diode



Transphorm, the startup thatemerged from stealth last month with plans for building energy-efficient power conversion modules and with $38 million in backing from investors including Kleiner Perkins and Google Ventures, has unveiled its first product: power diodes made of gallium nitride that can be embedded in power converters. The four-year-old company is at the Applied Power Electronics Conferenced (APEC) in Forth Worth, Texas, showing off the product in a power converter (DC to DC conversion) that can run at 99 percent efficiency.
Power diodes are a necessary component of all electronics, and are made of a semiconductor material — in most cases silicon — that conduct electrons in one direction. Transphorm’s power diodes are made up of the semiconductor gallium nitride, which the company says can eliminate up to 90 percent of all electric conversion losses.
Update: In a call Monday morning, Mishra explained to me that a power conversion module is made up by a diode and a transistor. In a couple of weeks Transphorm will start selling the transistor separately, and eventually will also sell the entire module (which includes both its diode and transistor).
Transphorm CEO Umesh Mishra said during the company launch last month that silicon power conversion “has reached its limit in high voltage power conversion,” and, “The time is now to do something different and to impact the 10 percent of wasted energy that occurs in power conversion.”
Transphorm didn’t invent gallium nitride as a semiconductor; other companies have been tinkering with the material for years. But at the launch event, Mishra said most companies that use gallium nitride are working on low-voltage conversion, while Transphorm is cracking high-voltage conversion.
Transphorm intends to make small devices its customers can turn into converters, power supplies, PV, motor drives, and hybrid car components. “Our biggest competitors are companies that make power conversion devices using silicon,” said Mishra.
In particular, Transphorm’s power diodes could be a good fit for power supply equipment makers that sell their wares to data centers, and the company intends to target this customer. Data centers are notorious energy hogs, and a 2010 Pike Research reportestimated that investments into energy-efficiency software and hardware for “greening” data centers will grow annually to reach $41.4 billion by 2015.
In terms of how much more the technology will cost compared to the standard on the market today, Mishra said last month that, “No new technology is cheap.”
Transphorm is also working on a project for the Department of Energy’s ARPA-E program, which hosted its second annual summit last week. ARPA-E described the company’s project as “compact motor drives and grid-tied inverters operating at high power (3-10 kW) with efficiency greater than 96 percent.” For that project, Transphorm will build gallium nitride-based power switches for inverters and converters operating at high frequency.
Rabu, 15 Juni 2011

IBM At 100

IBM At 100


America's iconic big tech hits the century mark and $100 billion in sales. Chief Executive Sam Palmisano looks back--and ahead.


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By a celebratory coincidence, IBM turns 100 years old--on June 16--in the same year it passes $100 billion in sales. Its start in 1911 was not in a garage but in a merger of four companies that became the Computing-Tabulating-Recording Co. Three years later financier-founder Charles Flint passed the torch to Thomas J. Watson, who renamed the company International Business Machines in 1924. Watson and then his son, Tom Jr., led IBM for nearly six decades. Since 2002 the company's CEO--only its ninth--has been Sam Palmisano. FORBES publisher Rich Karlgaard talked with Palmisano about IBM's past and future.
KARLGAARD: Would Tom Watson Sr. be more impressed by the fact IBM has reached $100 billion in revenue or 100 years in age?


PALMISANO: I say 100 years. Watson believed if you really created value and not just technology you could be around a very long time. That is more enduring than just getting big.
What is the biggest bet IBM has made in its 100 years?
The boldest was System/360 in the 1960s. Tom Watson Jr. drove a huge transition to the modern computing era. Remember, at the time IBM sold punch cards and typewriters and all those sorts of things. So 360 was the biggest bet of its time. I think it was about $5 billion of R&D. The Watsons believed that every decade or so you had to reinvent the company and drive to the future. That was their bias.
How is IBM navigating today's choppy economy?

To me it's no different than post-World War II. Then the world was restoring itself economically after the great wars. Now the world is rebalancing after a big financial crisis. Then, as now, IBM is pushing into new countries, new markets.
IBM is a big ship--$100 billion in size and 427,000 employees worldwide. How do you move fast enough to stay on top of changes and opportunities?
We picked three major shifts and came up with the road maps--first the 2010 road map, now the 2015 road map. The three shifts are 1) global economies rebalancing, 2) the post-PC era driving infrastructure technologies like cloud and analytics, and 3) a changing client that puts a value on integration. Back in 2002 we said the PC era was dead--it will move in the direction of RFID tags, smartphones, those sorts of things. It wasn't gonna be the PC. We also saw that the infrastructure would have to be horizontal, scalable and secure--let's call that a smart cloud. I mean, this was in 2002, 2003. We identified these three big macro shifts that everybody could understand at IBM.
One of the harder things to get right in a company is common language. Harvard's Clayton Christensen says if you ask ten people to define innovation, you'll get ten answers.
The key is to translate the macro shifts into a long-term financial model. People can agree on numbers.
How do you balance short-term and long-term financial goals at IBM?
We don't run IBM in quarterly cycles, even though there's tremendous pressure to do that, to give quarterly guidance within a penny. You certainly have to make your numbers. But I just feel it is wrong for the long term to run a company like that. That's why, in 2007, we came up with our 2010 road map. That way IBM could communicate to its investors, as well as its employees, about the long term.
What does your road map say?
If you look at the 2010 road map, it concluded a decade where we took emerging growth countries from 10% of IBM sales to more than 20%. Now the 2015 road map is taking those geographies to about 30%. Over the same period we took software from 25% to 44% of profit. Now we're saying 50% in 2015.
Unlike most tech companies, IBM has a veteran management team.
All the people who work for me today have been here 25 or 30 or 35 years. We're not like a lot of tech companies that bring in somebody new who gets rid of everybody and brings in their friends.
Do rank-and-file employees have a say in setting IBM's goals?
Yes, a lot. We do events called jams-- values jams and innovation jams. In the values jams the values were established by the employees. In the innovation jam people take our R&D and build solutions. We backed the best innovation jam ideas with $100 million of funding.
IBM almost went bankrupt in the early 1990s. What happened?
We invented the PC but viewed it incorrectly. We saw it as a gadget, a personal productivity tool. Unlike Intel and Microsoft, we didn't see it as a platform. We missed the shift. So the lesson to me is you cannot miss the shifts. You have to move to the future. I think at IBM it's in the fabric that you cannot miss the shift. I recall saying, "Tech will be back, but it's not coming back the way we left it." Tech never comes back the same.
What is your eye on now?
Enterprise cloud. I know I'm bragging a little bit, but there's nobody can beat us in enterprise cloud benchmarks. We're not a consumer business, so we're not trying to be consumer. We don't even talk about consumer.
But a lot of smart people think consumer tech is starting to outpace enterprise tech.
I'll stand up our cloud technology against anybody's. We'll show them real technology 'cause we've been at it for, like, five years. Enterprise is hard work. You have to integrate the client with the optimized systems of all the servers and software. Deep analytics is not consumer. But that's what IBM does. That's what differentiates us.
How do you know when to attack your own products with better and cheaper products?
Look, we went through this thing. Remember the mainframe and then remember how the PC threatened the economics of the main? We missed it. You compare that to what we're doing today. Services was seen as a low-profit business when we got into it. We were criticized. But, you see, nothing has to be low-profit. It's where you are positioned in the value chain that counts.
When you disrupt yourself, timing is everything.
You have to do two things. You have to get margin expansion with mature products, and you have to get fast penetration with new products. Each needs its own business model. And then you're always driving productivity. In our last road map we drove $5 billion in [increased] productivity, and next road map it's $8 billion.
You've said IBM plans to make $20 billion worth of acquisitions between now and 2015. Any hints?
I'm not going to give you names of companies! But if you look at our four big growth areas--smarter planet, analytics, cloud and the 20 top growth countries in addition to the BRICs--that's where you will find us making acquisitions. There are two different dimensions to acquisitions: strategic and financial. Strategically, we do the analysis of what we should do organically and what we should do acquisitively.So it's not just one big transformational acquisition.
And the financial framework?
We'd like to get our money back in five or six years. We buy companies that tend to be in a few countries and we scale them out.
Big Blue's Bits and Bytes
Key dates in IBM history.
1911, Founded as the Computing-Tabulating-Recording Co.
1914, Thomas Watson Sr. takes over
1924, Renamed International Business Machines (IBM)
1964, System/360 is introduced, start of modern era of computers
1981, IBM PC launched, first personal computer embraced by business
1993, CEO John Akers forced out, Louis Gerstner hired to save company
2002, Sam Palmisano becomes ninth CEO
2011, Reaches $100 billion in sales
Sabtu, 11 Juni 2011

US stocks post heavy losses

US stocks post heavy losses

US stock markets closed firmly in the red Friday, with the Dow posting six straight weeks of losses for the first time since 2002.

The Dow Jones Industrial Average fell 172.45 points (1.42 percent) at 11,951.91 in closing trades.
The broader S&P 500 lost 18.02 points (1.40 percent) at 1,270.98, while the tech-rich Nasdaq Composite gave up 41.14 points (1.53 percent) at 2,643.73.

All but three of the 30 Dow components were down, with Pfizer and Travelers down over three percent.
Caterpillar, Home Depot, Walt Disney and Boeing all lost over two percent.

There were few data releases on the calendar to give the market direction, but a sense of malaise prevailed.
"Uneasiness surrounding the global economic recovery remained omnipresent, exacerbated by a smaller-than-expected increase in China's trade surplus," said analysts at Charles Schwab.

Bond prices rose marginally. The yield on the 10-year Treasury note was down slightly at 2.99 percent from 3.00 percent on Thursday. That on the 30-year bond fell to 4.21 percent from 4.22 percent.
Bond prices and yields move in opposite directions.
Jumat, 03 Juni 2011

IBFX Named Best Forex Broker in Asia

IBFX Named Best Forex Broker in Asia

Global news leader International Business Times (IBTimes.com) announced the results of the 2011 IBTimes Trading Awards in New York City on May 31.
IBFX, one of the industry’s leading global providers of online forex trading, won three awards: Best Forex Broker Asia Award, a Forex Customer Service - Excellence Award and a Forex Broker Australia - Excellence Award.

The IBFX group of companies continues to provide customers with trade performance metrics, depicting fast and reliable execution in addition to low spreads. These recognitions further a commitment to transparency while producing the technology traders depend on.
This year, a total of 30 retail FX broker firms were honored from a pool of 140 brokers nominated by 6,400 traders in 82 countries in six languages. The IBTimes Trading Awards offer the most comprehensive quantitative and qualitative annual award available for the fast growing retail Forex markets.
The survey was conducted over 6 months from September 2010 and March 2011. All voting was carried out electronically via a secure, dedicated data collection website.
The IBTimes Trading Awards fall into two major sections, one that recognizes brokers through quantitative measures (or relative market shares) and one through qualitative rankings (or client satisfaction) at the continent and country level.

“As we continue to advance our footprint across the globe, we are beyond grateful to be recognized by the IB Times for these distinguished awards,”said Todd Crosland, Chairman and President of the IBFX group of companies. “In an industry dependent on customers’ trust, we are proud and honored to offer what we feel is the most transparent and honest pricing found within the FX market. Our personal connection with our customers is what we feel leads us to exemplify these three distinguished awards."
The full results for the 2011 IBTimes Trading Awards can be viewed at the official awards website: www.ibtimesawards.com

About the IBTimes Trading Awards

The 2011 IBTimes Trading Awards identify the best financial service providers globally. The awards recognize excellence in the quality of the services they offer to traders and investors. From 2010, readers of The International Business Times have been invited to vote on a range of attributes of the providers they use. The winners in each category are selected based on the votes and a judging panel of industry experts and independent research groups. The IBTimes Trading Awards builds on the successes of last year’s Awards, the 2010 FX Traders’ Choice Awards. They were awarded based on the votes of IBTimes’ readers collated by Forex DataSource, a Forex market research firm. The goal of the FX Traders’ Choice Awards was to empower traders with reliable information and help them select reputable brokers, as traders decided the winners. This year, the 2011 IBTimes Trading Awards continues to give public recognition to those brokers and financial service providers while increasing the scope of the awards to cover all major asset classes including Funds, ETFs, Stocks, Futures and Options. The awards also reflect The International Business Times’ global identity and include votes on financial service providers from around the world that provide services in multiple languages.

About IBFX 

The IBFX group of companies is owned by IBFX Holdings LLC and includes: Interbank FX LLC and IBFX Australia Pty Ltd. IBFX embodies a tireless team of dedicated individuals- both passionate and committed to serving our ever-growing clientele. Unlike other brokers, we distinguish ourselves as an industry leader with our revolutionary trade execution and technology and transparency. Under our model, each trade request from our clients attracts competitive pricing from multiple banks with deep liquidity, giving our customers the most accurate and fair prices. Our innovative technology places us at the vanguard of trade execution.

Competitive spreads, low rejection rates and lightning fast execution improve the trading experience for all clients and provide a superior trading experience for traders that use Expert Advisors on our customized MT4 trading platform. The relationship with our banking partners provide customers with a rich pool of liquidity and pricing, making our multi-bank liquidity key in providing low spreads and fast, reliable execution. Serving more than 40,000 clients from more than 140 countries around the world, the IBFX group of companies is regulated as a member of the National Futures Association and the Commodity Futures Trading Commission as a Registered Foreign Exchange Dealer (RFED). IBFX Australia Pty Ltd is also licensed with the Australian Securities and Investments Commission (ASIC).
Kamis, 26 Mei 2011

FX Markets Waiting for New Information

USD was marginally higher as risk appetite shifted lower on a variety of second tier headlines. Looks like the summer lull might be coming in early this year. The FX market seems to be stuck in limbo with little new information to digest and we’re getting fatigued with all the comment-analysis regarding the EU sovereign debt crisis. EURUSD looks content consolidating between the 1.4000 and 1.41300 range while USDJPY remains trapped in daily cloud cover bouncing around 81.50 and 82.20. Commodities have also paused - asking for direction with crude WTI ranging between $95 and $100 bll and Gold lingering around $1525.
S&P futures gave Asian regional indices a bearish tone as the US futures (in large volume) slipped below the 100da MA. Risk correlated FX trades followed with the EUCHF falling to 1.2326 as the typical safe haven trades in USD, JPY and CHF benefited. So what was the actual trigger of today’s conservative trading, take your pick.

Unsubstantiated rumors of snap elections in Spain and Greece, S&P statement that China’s banks face a profit squeeze & could noticeably weaken tightening moves, EU's Rehn comments that “Greek debt could be ‘reprofiled’ and debt maturities could be extended” and a WSJ article which reports that roughly $17 bn in civil lawsuits are flying about over wrongful foreclosure practices.

All of these are ultra-short term and will undoubtedly be forgotten in a few hours. We suspect that the Forex market is clearly focused on the impending Mid July – early august deadline where Greece is expected to run out of cash. The solution is still very much up in the air and begin hotly debated publicly. In recent days, just about everyone in Europe has stepped up and voiced their opinion suggesting a wide diversion among policymakers.
The ECB’s Noyer said that Greece has no choice but to implement the EU/IMF rescue program demand in its entirety including larger privatization to slash debt. While Greek opposition leader Samaras stated they would reject new austerity plans, the ruling party controlling said they may have to.
And what’s a day without a comment from the rating agencies as Moody’s said that Italy and Belgium would be next in line if Greece defaults. Our base case scenario remains that Greece will accept another EU / IMF bailout and the build up to this announcement will be positive for risk appetite.

We are now looking for now is a long risk position with carry and a commodity related kicker. Traders like AUDJPY and NOKJPY – these look exceptional appealing in the mid to longer term trades.
UK releases GDP report today followed by export and import data while the US will release durable goods orders, house price index and oil inventory data. ECB’s Stark and Fed’s Kocherlakota would hold speeches today. Most of the focus would still be on EU debt issues as investors fear contagion spreading to other nations.
Forex


Today's Key Issues (time in GMT):

08:30 GBP GDP (Q1 P) q-o-q 0.50% 0.50% 0.50%
08:30 GBP GDP (Q1 P) y-o-y 1.80% 1.80% 1.80%
12:00 EUR ECB's Draghi, Liikanen to Speak
12:20 USD Treasury's Geithner Speaks
12:30 USD Durable Goods Orders (Apr) -2.50% prior
12:30 USD Durables Ex Transportation (Apr) 0.50% prior
12:40 GBP BoE's Andrew Sentance speaks
14:30 EUR ECB's Stark Speaks
17:30 USD Fed's Kocherlakota Speaks

The Risk Today:

EurUsd Yesterday’s recovery bounce only got as far as 1.4133 before the sellers once again stepped back in, and this morning we find the pair hovering just above the 1.4000 level once more. The last few days price action does not, in our view, provide a very clear insight into whether the next big move will be up or down, so for now we maintain our bearish bias and look to sell on rallies. Decent support is expected around 1.3970-80, where we not only have Monday’s low, but also the 17-18 Mar lows and 100-day moving average – all of which have the capacity to attract buyers. Beyond there, next supports are 1.3940-45 (currently downtrend support), 1.3856 (15 Mar low), 1.3744 (2 Mar low), 1.3705 (24 Feb low) and 1.3683 (200-day moving average). Key resistance levels stand at 1.4133 (yesterday’s high), 1.4346 (20 May high), 1.4441 (9 May high), 1.4500 psychological resistance, 1.4588 (6 May rebound high) and 1.4764 (former support last seen in early May).

GbpUsd Although GBPUSD enjoyed a temporary respite from recent selling pressure yesterday, the recovery rally could only get as far as 1.6209 highs (a good 40 pips away from mounting a serious challenge on the overall bear trend channel), and since then the bears have stepped back in to reduce the gains. As planned in yesterday’s report, we used the brief look above 1.6200 as an opportunity to re-load our short positions, and now resume our focus on another visit below 1.6100. On the next push to the downside, supports are seen at 1.6060 (Monday’s low), 1.6000 (psychological support), 1.5973 (1 Apr low), 1.5937 (28 Mar low) and the hugely significant 200-day moving average 1.5941. In the meantime, the upper edge of the current 3-week downtrend channel acts as the first resistance level (1.6220-30 today), so we are using that trend line as a guide for our trailing stop. Further resistance is eyed at 1.6309 (13 May high), 1.6380 (12 May high), 1.6517 (11 May high), and 1.6574 (4 May high).

UsdJpy USDJPY is still engaged in a very slow and laboured ascent within its 3-week uptrend channel, and yesterday managed to re-test the 19 May highs around 82.24. Unfortunately, rather than bursting higher, the bulls ran out of steam at 82.21, and the pair has now drifted back below 82.00. Although the upside momentum is pretty weak, the uptrend channel remains valid and therefore expect buyers to materialize around 81.55-60 today to keep the pair elevated. The key resistance level above 82.24 (the aforementioned 19 May high) will be a zone of supply around 82.68-78 which represents the triple force of 200-day moving average, 27 Apr high and the upper edge of current uptrend channel. Further levels include 83.26 (18 Apr high), and 83.79 (15 Apr high). If at any point the trend line support is negated, then watch for next supports to come into play around 81.33 (Monday’s low), 80.95 (18 May low), 80.16 (10 May low), 79.57 (5 May low), 78.26 (17 Mar low), and the all-time low 76.40.

UsdChf USDCHF has withdrawn from its 0.8893 highs seen earlier this week, and is now consolidating around the 0.8800 level once more. As a reminder, we are short at 0.8800 playing the head & shoulders pattern on the hourly chart, and are aiming for a target on the downside of approximately 0.8660. Given the disappointing progress of this pattern so far however, we have implemented a tight stop at 0.8850 to limit losses in case of another bullish surge. On the topside, next resistance comes into play at 0.8893 (yesterday’s high), followed by 0.8941 (16 May high), 0.9011 (19 Apr high) and 0.9105 (11 Apr high). Supports stand at 0.8783 (yesterday’s low), 0.8748 (Friday’s low), 0.8708 (10 May low), and 0.8676 (6 May low). Below our 0.8660 target the only support remaining will be the all-time low 0.8554 (recorded on 4 May).
 
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