Nate Payne

Nate Payne

Posts by This Writer

9 years 5 months ago

After weeks of speculation and months of debate, the United States' deepwater drilling moratorium has been lifted. Earlier this week, the Secretary of the Interior Kenneth Salazar, along with the Bureau of Ocean Energy Management director Michael Bromwich, announced that the ban on leases for new drilling operations was over. This announcement signals the resumption of deep water oil exploration and extraction in the Gulf of Mexico (as well as other American locales).  While many within the business community were gushing following the announcement, reactions by consumers remain mixed....


9 years 5 months ago

In an exciting finale to the Nobel awards week, Americans Peter Diamond and Dale Mortensen, along with British-Cypriot Christopher Pissarides, were awarded the 2010 Nobel prize in economics. Their work, an analysis of search frictions within labor markets, explained why people remain unemployed despite the existence of multiple (suitable) job openings. Holistically, their model helped many researchers better understand the interrelationships between unemployment, job vacancies and wages. While Mortensen and Pissarides may not be immediately...


9 years 6 months ago

Since its creation, the internet, as well as social media, has generated both criticism and controversy. Parents have crooned about the dangers of online predatation, critics have grappled with the widespread distribution of offensive content, and authorities have struggled to regulate the behavior of online users and providers. While for many the debate surrounding social media regulation has been markedly philosophical, the devastating story unfolding out of Rutgers University has brought to light many questions regarding the use and regulation of social media - as well as the...


9 years 6 months ago

Last Thursday, the world's largest offshore wind farm opened off the coast of Britain. The farm, home to over 100 wind turbines (each 115 metres high with 44-metre blades), is capable of supplying electricity to over 200,000 homes per year. While many around the world continue to debate the merits of wind energy, the waters off of Britain continue to be an attractive target for wind farm builders and operators. Currently, experts argue that one turbine off the coast of Britain can produce 50-percent more power than a similar one in other European locales - namely because the...


9 years 6 months ago

Are you ready to pay more for your favorite coffee? This past Wednesday, Starbucks, announced that it will be raising the price of "labor-intensive and larger-sized" beverages due to the soaring price of green coffee beans. Due to a variety of factors, green coffee prices have reached 13-year highs, while costs for other raw ingredients, including dairy, sugar and cocoa, have also been volatile. To date, coffee futures have climbed more than 40% since June. This rise has completely altered the economic and financial landscape of many players within the coffee industry, driving...


9 years 6 months ago

Yesterday, Abbott Laboratories issued a recall of approximately 5 million cans of certain Similac-brand powdered infant formula. The recall stems from a reported beetle infestation at the company's main manufacturing plant. An Abbott spokeswoman revealed that the presence of a small common beetle was detected in the products produced at a manufacturing facility in Sturgis, Mich. This morning, the company confirmed that the recall affects only its plastic tub Similac products, reiterating that none of its liquid products are  affected by the recall. In particular, the recall includes certain...


9 years 6 months ago

Earlier this week, the United States Food and Drug Administration (FDA) officially approved the first ever oral drug that can be used to treat relapsing-remitting multiple sclerosis (MS), the most common form of the disease. Unlike current MS drugs, which are given by injections or infusion, the new drug, called Gilenya or fingolimod, comes in a capsule (pill) which is taken once a day.  Immediately following the approval, many within the health sector noted that this type of deliver - if effective - may revolutionize MS treatment. As many patients who rely on similar drugs can relate, taking...


9 years 6 months ago

Yesterday, in a surprising turn of events, Italian authorities announced that they are investigating the Vatican Bank, as well as the head of the Vatican Bank, for money laundering. Police, tipped off by the Bank of Italy, have frozen 23 million euros ($30.21 million) of the Vatican funds, and placed Ettore Gotti Tedeschi, who has been at the helm of the bank for a year, as well as a number of other executives, under investigation. Ettore Gotti Tedeschi is reported to be a member of Opus Dei. Rome magistrates Nello Rossi and Stefano Fava are currently leading the case. Reports...


9 years 6 months ago

Can advertisers for social causes go to far? This precise question continues to be debated following the release of a controversial anti-McDonald's advertisement. In a video advertisement that could "kill your appetite", created by the Washington-based health lobby Physicians Committee for Responsible Medicine (PCRM), (check out the link here) an overweight, middle-aged man is seen lying dead in a morgue holding a half-eaten hamburger as a woman weeps over the linen-clad body. In a cheeky ending, McDonald's...


9 years 6 months ago

In Australia, cult fashion label Ed Hardy has collapsed. The brand, well-known internationally for dressing celebrities like Madonna with tattoo-inspired designs, has developed a global cult like following. Interestingly enough, the brand has also inspired a vocal hate movement on the internet, with many fashionistas offended by its loud designs. This past Monday, after accumulating nearly $15 million in unpaid liabilities, including $500,000 in unpaid employment wages, liquidators were appointed to begin selling off the firm's assets. Deloitte has been appointed as the voluntary administrator for the...


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