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Richest 1% own 50 percent of world wealth- Credit Suisse report

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World wealth has reached a record $263 trillion but is concentrated in fewer hands. The richest 1 percent have accumulated more wealth, and own almost 50 percent of it, which could trigger recession, according to a new report by Credit Suisse.

The Credit Suisse Global Wealth Report, released Tuesday warns that the “abnormally high wealth income ratios” may spark a recession, as high disparity leads to economic friction.

Global wealth has grown to a record $263 trillion in mid-2014, $20.1 trillion more, and an 8.3 percent increase, over mid-2013. Household wealth has more than doubled since 2000, when the same report calculated it at $117 trillion.

Leading the money trail is the United States, dubbed ‘Land of Fortunes’ by the report, which again boasts the highest average wealth. It is home to 34.7 percent ($91 trillion) of global wealth. Europe’s portion comes in a close second with 32.4 percent, followed by India and China’s 23.7 percent share, and then the 18.9 percent concentrated in the Asia-Pacific region.

North America has the highest average wealth and is also the world’s leader in GDP, which the report estimates grew by $12.9 billion in 2013.

Wealth in the US and Europe was driven by a rather spectacular year on the stock exchanges. Since the financial crisis of 2008, the US has added $31.5 trillion in household wealth. In the last year alone the stock market increased in value by 22.6 percent.

Source: Credit Swiss

Source: Credit Swiss

Germany, Canada, and France all experienced huge spurts in capital markets, gaining more than 30 percent.
Much of the world’s “new money” is coming from China and developing nations. Between 2000 and 2014, emerging markets accounted for 11.4 percent of wealth.

“As we noted last year, Asia and particularly China will account for the largest portion of newly created wealth among the emerging markets,” the report says.

Other emerging players on the international scene, according to Credit Suisse, are Russia, Brazil, India, Indonesia, South Africa, and Turkey.

The conclusion of the report offers predictions for 2019, where the authors suggest global wealth will grow by 40 percent and reach $369 trillion, but emerging markets will account for 26 percent, more than double what they do now.

The number of millionaires worldwide is projected to blossom from 35 million today to 53 million in 2019.

Ultra-fast new batteries can recharge 70 percent in two minutes

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Scientists in Singapore have designed a highly durable battery that can also be recharged 20 times faster than current models. The development is expected to be the next big advance in energy – and could be a boon for electric car users.

Nanyang Technology University (NTU) scientists in Singapore say they have developed an advanced lithium-ion battery that, in addition to charging faster, has a longer lifespan. Their battery can apparently be recharged 10,000 times – meaning it lasts more than 20 years compared to the conventional ones currently run about two to three years.

The new battery, according to its developers, could have an impact on a wide range of industries, particularly in the field of electric vehicles. Currently, recharging these vehicles takes over four hours and the batteries have a limited lifespan.

Electric cars will be able to increase their range dramatically, with just five minutes of charging, which is on a par with the time needed to pump petrol,” said Chen Xiaodong, an associate professor at NTU’s Schools of Materials Science and Engineering, to the Singapore-based Straits Times.

Scientists replaced the traditional graphite used for a battery’s anode (negative pole) with a new gel material made from titanium dioxide – something found in soil and commonly used as a food additive or in sunscreen lotions to absorb ultraviolet rays. Its nanostructure helps speed up the chemical reactions that allow for superfast charging, reported Science Daily.

Manufacturing this new nanotube gel is very easy,” Professor Chen added. “Titanium dioxide and sodium hydroxide are mixed together and stirred under a certain temperature. Battery manufacturers will find it easy to integrate our new gel into their current production processes.”

A research paper on the subject was published in the latest issue of Advanced Materials, a leading international scientific journal in materials science.

NTU professor Rachid Yazami, the co-inventor of the lithium graphite anode developed 34 years ago, said Professor Chen’s invention is the next big advance in battery technology.

While the cost of lithium-ion batteries has been significantly reduced and its performance improved since Sony commercialized it in 1991, the market is fast expanding towards new applications in electric mobility and energy storage,” Professor Yazami told Science Daily.

The research team plans to build a large-scale battery prototype, but the patented technology has already attracted interest from industry and Professor Chen thinks the fast-charging batteries will hit the market in two years’ time.

7.4 quake off El Salvador may cause ‘hazardous tsunami waves’

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A 7.4 earthquake has struck about 106km (66 miles) off the coast of El Salvador, south-east of the city of Usulutan. There were no details of any casualties or damage, but the quake could be felt across Central America.

Although initial reports put the event at a shallow depth of just 9km (5.6 miles), revised estimates by the USGS now say it struck 25 miles (40km) deep.

A warning of “hazardous tsunami waves” was given by the Pacific Tsunami Warning Center on Monday, after first saying that a widespread tsunami wasn’t a possibility.

The area affected by the tsunami could also include coasts of Honduras and Nicaragua, both of which are within 300km (180 miles) of the epicenter, the warning center said.

El Salvador’s emergency services advised all coastal residents to move inland.

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First to contract Ebola in US: CDC confirms Texas health care worker’s diagnosis

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A Texas health care worker who treated the first state’s Ebola patient, has been tested positive for the virus, officials said blaming a breach in of treatment protocols for the new case.

A health care worker at Texas Health Presbyterian Hospital who provided care for the Ebola patient hospitalized there has tested positive for Ebola in a preliminary test at the state public health laboratory in Austin,said a statement from Texas Department of State Health Services.

According to the state’s health services, the woman had “a low grade fever Friday night and was isolated and referred for testing.”The Texas Health Presbyterian Hospital worker has tested positive for Ebola in a preliminary exam later confirmed by the CDC.

“Today, the Centers for Disease Control and Prevention (CDC) confirmed test results reported late last night by the Texas Department of State Health Services’ public health laboratory showing that a healthcare worker at Texas Presbyterian Hospital is positive for Ebola,” the CDC said in a statement released on Sunday afternoon.

‘Hostile to privacy’: Snowden urges internet users to get rid of Dropbox

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Edward Snowden has hit out at Dropbox and other services he says are “hostile to privacy,” urging web users to abandon unencrypted communication and adjust privacy settings to prevent governments from spying on them in increasingly intrusive ways.

“We are no longer citizens, we no longer have leaders. We’re subjects, and we have rulers,” Snowden told The New Yorker magazine in a comprehensive hour-long interview.

There isn’t enough investment into security research, into understanding how metadata could better be protected and why that is more necessary today than yesterday, he said.

READ MORE: ‘Seen’ in New York: Edward Snowden on the run again

The whistleblower believes one fallacy in how authorities view individual rights has to do with making the individual forsake those rights by default. Snowden’s point is that the moment you are compelled to reveal that you have nothing to hide is when the right to privacy stops being a right – because you are effectively waiving that right.

“When you say, ‘I have nothing to hide,’ you’re saying, ‘I don’t care about this right.’ You’re saying, ‘I don’t have this right, because I’ve got to the point where I have to justify it.’ The way rights work is, the government has to justify its intrusion into your rights – you don’t have to justify why you need freedom of speech.”

In that situation, it becomes OK to live in a world where one is no longer interested in privacy as such – a world where Facebook, Google and Dropbox have become ubiquitous, and where there are virtually no safeguards against the wrongful use of the information one puts there.

 In particular, Snowden advised web users to “get rid” of Dropbox. Such services only insist on encrypting user data during transfer and when being stored on the servers. Other services he recommends instead, such as SpiderOak, encrypt information while it’s on your computer as well.

“We’re talking about dropping programs that are hostile to privacy,”Snowden said.

The same goes for social networks such as Facebook and Google, too. Snowden says they are “dangerous” and proposes that people use other services that allow for encrypted messages to be sent, such as RedPhone or SilentCircle.

The argument that encryption harms security efforts to capture terrorists is flawed, even from a purely legalistic point of view, Snowden said, explaining that you can still retain encryption and have the relevant authorities requesting private information from phone carriers and internet providers on a need-to-know basis.

READ MORE: Snowden reunited with dancer girlfriend in Moscow

And the penchant for close, secretive cooperation with the government will only cost companies money and jobs, Snowden added, because no one would want to buy a phone made by a company that provides inherent backdoors for third parties to access your information.

“The same rights that we inherited our children deserve to inherit the same way,” Snowden said.

“But ultimately we have to remember that political reform in the United States is not going to solve the problem globally. Governments [everywhere] are going to have their own national laws. And these can be terrible governments… so, because of that, you have to use secure communications… the real key is that companies willing to collaborate with the government and compromise their products and services do not deserve to be trusted with your data. Because if they do it for one government, they’ll do it for another government,” Snowden said.

For consumers to retain trust in the services they use, they need to fight for the very idea of privacy, to keep the topic in focus, he said, adding: “I speak with computer scientists and cryptographers every day to try to figure out how we can create solutions” for metadata to be appreciated and viewed as someone’s own private business.

READ MORE: Second ‘Snowden’ leaking classified data?

“There are solutions, there are ways forward, and we need to pursue them, to work toward them,” Snowden said. “And we need to say that this is an effort worth doing.”

The whistleblower continues to lead a secretive existence in Russia, where he’s been stranded since June 2013, hiding from his own government, which is seeking to prosecute him for his crimes behind closed doors.

“I’ve told the government again and again in negotiations, you know, that if they’re prepared to offer an open trial, a fair trial in the same way that Dan Ellsberg got, and I’m allowed to make my case to the jury, I would love to do so,” Snowden said. “But to this point they’ve declined.”

California aquifers contaminated with billions of gallons of fracking wastewater

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Industry illegally injected about 3 billion gallons of fracking wastewater into central California drinking-water and farm-irrigation aquifers, the state found after the US Environmental Protection Agency ordered a review of possible contamination.

According to documents obtained by the Center for Biological Diversity, the California State Water Resources Board found that at least nine of the 11 hydraulic fracturing, or fracking, wastewater injection sites that were shut down in July upon suspicion of contamination were in fact riddled with toxic fluids used to unleash energy reserves deep underground. The aquifers, protected by state law and the federal Safe Water Drinking Act, supply quality water in a state currently suffering unprecedented drought.

The documents also show that the Central Valley Water Board found high levels of toxic chemicals – including arsenic, thallium, and nitrates – in water-supply wells near the wastewater-disposal sites.

Arsenic is a carcinogen that weakens the immune system, and thallium is a common component in rat poison.

“Arsenic and thallium are extremely dangerous chemicals,” said Timothy Krantz, a professor of environmental studies at the University of Redlands, according to the Center for Biological Diversity.

“The fact that high concentrations are showing up in multiple water wells close to wastewater injection sites raises major concerns about the health and safety of nearby residents.”

The Center for Biological Diversity obtained a letter from the state Water Board to the USEnvironmental Protection Agency (EPA)that said the Central Valley Regional Water Board discovered the health violations. Following theJuly suspensionof the 11 injection sites, the EPA ordered a review of aquifers in the area to be completed within 60 days.

The state Water Board also said that 19 more injection wells may have also contaminated sensitive, protected aquifers, while dozens more wells have been the source of wastewater dumped into aquifers of unknown quality.

Despite these damning findings, the extent of wastewater pollution is still undetermined, as the Central Valley Water Board has thus far only tested eight water wells of the more than 100 in the area, according to the documents. Half of those tested came up positive for containing an excessive amount of toxic chemicals.

To unleash oil or natural gas, fracking requires blasting large volumes of highly pressurized water, sand, and other chemicals into layers of rock. The contents of fracking fluid include chemicals that the energy industry and many government officialswill not name, yet they insist the chemicals do not endanger human health, contradicting findingsby scientists and environmentalists. Toxic fracking wastewater is then either stored in deep underground wells, disposed of in open pits for evaporation, sprayed into waste fields, or used over again.

Fracking has been linked to groundwater contamination, an uptick in earthquakes, exacerbation of drought conditions and a host of health concerns for humans and the local environment.

A recent study by the US Drought Monitor noted that 58 percent of California is experiencing “exceptional drought,” which is the most serious category on the agency’s five-level scale. Meanwhile, a fracking job can require as much as 140,000 to 150,000 gallons of water per day, water that then cannot be consumed or used in farming operations.

The Center for Biological Diversity noted that the contamination of water sources could be much worse in another regard, as flowback water that comes from oil wells in the state can contain levels of benzene, toluene, and other toxic chemicals that are hundreds of times higher than legally allowed. Flowback fluid is then released back into wastewater storage wells. Chemicals like benzene can take years to eventually find their way to water sources.

“Clean water is one of California’s most crucial resources, and these documents make it clear that state regulators have utterly failed to protect our water from oil industry pollution,”said Hollin Kretzmann, an attorney for the Center for Biological Diversity.

“Much more testing is needed to gauge the full extent of water pollution and the threat to public health. But Governor [Jerry] Brown should move quickly to halt fracking to ward off a surge in oil industry wastewater that California simply isn’t prepared to dispose of safely.”