After years of getting by on government subsidies, he says his income has doubled or possibly tripled thanks to rapidly rising world demand for grain, and the expansion of America's biofuel industry.
The release of the new Hyundai I10 boosted the mini categoryHigh fuel prices and the threat of extra taxes on larger cars may be making smaller cars more popular, new car registration figures suggest. The Society of Motor Manufacturers and Traders (SMMT) said 4x4 registrations fell 18% in May compared with May 2007. Meanwhile, registrations of cars in the mini category, such as Hyundai I10 and Chevrolet Matiz, rose 120%. Analysts caution against reading too much into one month's figures and sales of 4x4s have risen over the past year. Also, the mini category is a relatively small one with only 2,912 of them registered in May, compared with 11,126 4x4s. Some of the rise in sales of smaller cars can be attributed to the launch of the new Hyundai I10 during the month. However, people buying new cars in May will have been aware of the government's plans to alter vehicle excise duty based on a car's emissions, as well as record petrol and diesel prices. 'Tough year' The figures come against a backdrop of falling overall new car registrations. According to the SMMT, registrations fell 3.5% in May compared with May 2007 and 0.6% in the year to the end of May. It was the weakest May volume since 1999. "The slowdown in the overall new car market in May comes as no surprise and reflects concerns across the economy," said Paul Everitt, chief executive of SMMT. "We expect a tough year ahead." E-mail this to a friend Printable version Bookmark with:DeliciousDiggredditFacebookStumbleUponWhat are these?
The market was also responding to a statement by Israel's transport minister that an attack on Iran was "unavoidable" after sanctions to prevent Tehran from developing its nuclear capability had failed.
Just by the bridge that links Canada and America lies St Clair County, Michigan. The 170,000 people who live here have long depended on the American car industry, which is headquartered 80 miles away in Detroit.
On Monday, US light, sweet crude hit a fresh record of $119.93 a barrel. Prices rose as traders eyed the disruption caused by the Grangemouth strike and supply problems in Nigeria following pipeline attacks.
"There are fears about the US economy and worries that US interest rate cuts will be front-loaded while rate cuts in the rest of the world will take longer to materialise," said UBS currency strategist Mansoor Mohi-Uddin.
Jobs figures are a crucial barometer of the economy's healthThe US created more jobs last month than expected while revised figures showed the labour market was stronger in August than first thought. The US Labor Department said the economy added 110,000 new jobs in September, higher than the 100,000 figure predicted by economists. And rather than shedding 4,000 jobs in August as initially estimated, 89,000 new jobs were actually created. Jobs data is seen as a key indicator of the health of the US economy. US shares rose on news of the better-than-expected figures but economists pointed out the overall unemployment rate had risen to 4.7% from 4.6%, the highest for a year. Construction weakness Had August's initial estimate been confirmed it would have suggested a sharp slowdown in the economy since the economy has not shed jobs on a monthly basis for four years. In fact, the government revised upwards non-farm payroll figures for each of the past two months. For July, it now says 93,000 jobs were created as opposed to the 68,000 first estimated. Concerns about the strength of the labour market was one of the factors behind the Federal Reserve's decision to cut interest rates by a half point last month. It does not signal any great strength in the economy Michael Metz, Oppenheimer & Co The dramatic move followed the turbulence in global financial markets triggered by the slump in the US housing market. The rise in August's jobs figure was largely due to the previous underestimation of government hiring, particularly of new teachers. While September saw a rise in recruitment in the services sector, there was a net loss in jobs in construction and manufacturing industries. "On balance, it was quite encouraging," said Michael Metz, chief investment strategist at Oppenheimer & Co. "However, looking at it on a sixth-month basis we still have a problem with very, very slow job creation. To me it does not signal any great strength in the economy." In realit...
"If you start to fuel cars with crops," says Ed Matthew, "you are instantly putting the world's one billion starving people in competition with the world's one billion motorists. It's as simple as that."
