Why Iran's currency dropped to worst low in two decades

The value of Iran's currency, the rial, to the dollar fell nearly 30 percent after President Obama approved new Iran sanctions on Saturday.

Iran's currency, the rial, has plummeted to its lowest value against the dollar in more than two decades after President Obama signed legislation Saturday targeting Iran's Central Bank.

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The rial dropped almost 30 percent in two days, hitting exchange rates as low as 17,800 rials per dollar on Monday as Iranians rushed to sell their local currency holdings in favor of havens such as the euro, the United Arab Emirates dirham, the US dollar, and gold.??

Washington's new financial legislation against Tehran will sanction foreign firms that purchase Iranian oil ? by far the chief source of Iranian government revenue ? and penalize banks engaging in financial transactions with Iran. The legislation won't be enacted for another six months, in order for the White House to prepare for any potential fallout on global oil prices, and the rial strengthened today somewhat to 16,200 rials to the dollar.

But the psychological impact on ordinary Iranians, who see a strong rial as a sign of national strength amid the Islamic Republic's growing international isolation, has been huge.??

?Mr. Obama's decision was a spark. There is an air of panic and people are worried,? says George Washington University economist Hossein Askari, who is an expert on Iran's macroeconomic policies. ?If Iran's Central Bank or entities that deal with the Central Bank are going to be sanctioned, it means Iran's ability to import goods and finance imports will be more costly and pressure its foreign exchange reserves.?

Iran's Central Bank, which serves as a clearinghouse for nearly all oil and gas payments in Iran, has faced increasing difficulty over the past year in facilitating foreign currency transactions abroad.

Monetary policy inside the Islamic Republic is facilitated by buying and selling currencies through a network of money-exchange dealers throughout Iran, Europe and the Middle East, allowing Tehran to maintain the rial within a range determined by the Central Bank. By hindering the National Iranian Oil Company's ability to transfer oil revenues back to Tehran and by reducing the Central Bank's access to foreign exchange reserves held overseas, US Treasury sanctions have therefore limited the Central Bank's ability to control the depreciation of Iran's currency.?

Last year, the Central Bank put a cap of $2,000 on the amount of currency private Iranian citizens looking to travel abroad could take out of government banks at the official rate of 11,180. Any foreign currency purchases beyond the Central Bank's $2,000 limit for private citizens must be made at the higher market rate for Iran's currency.

When the latest sanctions signed into law by President Obama are implemented, they could theoretically target the smaller, local banks in US-allied countries such as the United Arab Emirates, Malaysia, or Turkey that Iran has had to use to transfer cash back to Tehran.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/gz87mwlnrbQ/Why-Iran-s-currency-dropped-to-worst-low-in-two-decades

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Cowboys coach Garrett faces tall order in overcoming Jerry Jones curse

FORT WORTH, Texas -- When it comes to football, you'd never want to be in agreement with Mr. Jerry on basically anything.

We all think - no, we all "know" - he's a football idiot, and we know this because it was 16 seasons ago when the Cowboys bumbled their way to the last Super Bowl win (thanks again, Neil O'Donnell) with the final remnants of Dynasty Days superior talent.

But since 1996:

Two playoff victories. An overall record of 130-127. Mediocrity, Inc.

The one and only constant in that entire time:

Mr. Jerry, owner, GM, and the man who reminds us he's in total charge of "everything".

But no, I'm not wasting your time or mine this morning with yet another rampage on the stupidity of Jerry as our local "football guy." That's a given. It's also a given nothing will change.

Instead, however, I'm here today to agree with Mr. Jones on something he uttered to the media late Sunday evening in the Meadowlands minutes after another season had come crashing down on the Cowboys.

"This is one of my biggest disappointments in football, period," Jones said of an 8-8 team that failed to make the playoffs because it failed to respond, first, in the month of December, and lastly, in a Game 16 playoff-type situation against the Giants.

Of course, the "one of" comment does cover a lot of years and a lot of disasters for Jerry. There's been so many, what measuring stick does he use to rank them?

But still, I'm in agreement with Jerry. Going back to 1989, and the beginning of the Jones Era at Valley Ranch, I'd say 2011 is No. 2 on the most disappointing season list, second only to 1994.

Coming off back-to-back Super Bowl championships, the Cowboys of '94 were clearly the most talented team in the NFL, yet were ousted by the 49ers in the NFC title game.

OK, this current club wasn't worthy, talent-wise, of washing that club's jocks, but the one name, besides Jerry Jones, that can be linked to both teams is Jason Garrett.

From the backup quarterback nearly two decades ago, to the first-year head coach this season, I thought, finally, Garrett could be, would be, the long-awaited answer.

Admittedly, however, that answer is now much more murky than expected, at least expected by me, although the e-mail critics will say I was duped because Garrett had "failed" as an offensive coordinator, so why expect anything else as a head coach.

Granted, this was not a good season for Garrett. Really, I expected a Harbaugh-impact as was seen in San Fran. I was confident in that. I was wrong.

Jason wasn't awful, but he wasn't the "it" coach he appeared to be after that half-season stint as the interim head coach a year ago.

We all knew when Bill Parcells was here, his tenure would be no more than five years and it turned out to be four seasons. With Garrett, and his ties to the organization and his ties to, yes, Jerry, the long-term expectations were definitely there.

But there turned out to be nothing different about this Cowboys team from what we've come to expect. The same mistakes and blunders throughout the season, and the same kind of December stretch-run fade as in the past, marked Garrett's first season.

Even if "the coach didn't have 'em ready to play" is a catch-all criticism in sports, Sunday night's lack of competitive coconuts in the first half, and the quick 21-0 deficit, was such a disgrace it has to be a reflection on the head coach, deserved or not.

Garrett will get another chance, of course, but you also have to now wonder why next season will be any different.

In his Valley Ranch seasonal wrap-up session Monday with the local media, Jason was in a full-blown spin mode, claiming the major accomplishment in his first year was getting "the program going in the right direction." He added that 2011 had been about "the growing pains."

Honk, if you saw the right direction happen. Me, I saw the same ol', same ol' happen.

As stated here many times before, being the head coach of the Cowboys is only about 40 percent football expertise. The other 60 percent is "handling Jerry."

This is the one area why I thought Garrett could make a difference, the one area where Jerry would treat Jason, who is almost family, with the proper respect even though we all know Jerry has no respect for the position of head coach.

Unfortunately, not even that happened for Garrett. Jerry publicly punked even Jason a couple of times, and Jason left himself open for that punking with his decision-making, such as the final minute of regulation in Arizona.

None of this leaves us with a particularly good feeling about where Garrett and the Cowboys go from here.

I'm being told by Cowboys insiders that I'm overreacting in my disappointment over Garrett's first season. Hopefully, those insiders are right, and maybe, yes, my first-year expectations for him were too lofty.

Meanwhile, however, I'll have to agree with Mr. Jones. This season ranked right up there with the biggest flops of the past two decades, simply because nothing changed with this team.

If, as hoped, Jason Garrett can eventually overcome the ongoing football curse of Jerry, the head coach needs to start first thing this morning.

Jason has lost miles of valuable ground over the past month. Admittedly, I didn't see that coming. I saw change coming. And nothing changed.

The Cowboys were still a dumb, rudderless team that couldn't even win a real bad division.

Source: http://c.moreover.com/click/here.pl?r5694144696

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Entrepreneurial Mayor of Bulgarian Village Turns Dirt Road into Ski Run

Monday 2nd January, 2012

Entrepreneurial Mayor of Bulgarian Village Turns Dirt Road into Ski Run ??

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?????Monday 2nd January, 2012??Source: Novinite ??

A dirt road near the northeastern village of Sreberna has been converted into a beginner ski runway. The idea for the facility occurred to Georgi Ivanov, Mayor of Srebarna. "I want tourists to come to Sreberna in winter too, and there are many people who travel long distances to practice the sport," Ivanov said, as cited by Radio Shumen. The nor...

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Source: http://feeds.bignewsnetwork.com/?rid=202307650&cat=84a5d823726c203e

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No comment from Ford on 911 calls to his home

Robyn Doolittle Urban Affairs Reporter

Mayor Rob Ford has continued to stay silent about two ongoing police investigations into domestic disputes at his home.

Ford, who flew back to Toronto on Friday, did not respond to an interview request from the Star and has, as of yet, not spoken publicly on the issue. He declined to comment to a Star reporter at Pearson airport upon his arrival from Florida around 5 p.m .

His first scheduled public appearance is the annual New Year?s Levee at city hall, from 2 to 4 p.m. Monday.

On Friday, the Star reported that 22 Division?s Youth and Family Violence Unit was probing two recent incidents at the mayor?s Etobicoke home.

The first occurred on the same day Ford made the infamous early morning call to 911 after This Hour Has 22 Minutes showed up in his driveway. By 10:17 p.m., police were called back to the Edenbridge Dr. residence for a ?verbal altercation? between Ford and his wife, Renata.

The second domestic call came to police early Christmas morning.

Sources say Renata?s mother made the call after Ford, who she said had been drinking, took the children to the airport to go to Florida against Renata?s wishes.

No charges have been laid and there is no evidence that the Star knows of to suggest physical violence occurred.

According to numerous police and emergency service sources, 911 calls to the mayor?s home are a reality for 22 Division. The Star has heard about a handful of incidents, but attempts to confirm the reports through freedom of information requests have been unsuccessful.

The incidents raise questions about where the line should be drawn between the public and private lives of politicians. On one hand, public officials have a right to privacy to sort through personal issues. On the other, as mayor of the city, Ford is directly involved in police budget and contract negotiations. He has a seat ? or a designate ? on the oversight board, to which Chief Bill Blair reports. And four of the seven seats on the board are appointed by city council.

In 2008, when Ford was a councillor, one dispute became public after Ford was charged with assault and uttering a death threat. That charge was dropped two months later because of inconsistencies in Renata?s story.

With files from Michael Woods

Source: http://www.thestar.com/news/article/1108997--mayor-quiet-on-domestic-disputes

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PFT: Dolphins want to 'shatter' Jets' hopes

AP

By all accounts, Broncos quarterback Tim Tebow behaves like a perfect gentleman, and the ideal teammate.? But before he became the starting quarterback in Denver, his reaction ? or, more accurately, his lack thereof ? to the placement of a billboard lobbying for him to become the starting quarterback prompted a definite response from the other quarterbacks on the team.

According to Jeff Darlington of NFL Network, the other quarterbacks began fining Tebow four days after the billboard appeared, due to his failure to speak out against the billboard.

Per Darlington, the reason never was articulated to Tebow.? Whether Tebow figured it out on his own isn?t known.? (Fans of rival SEC schools possibly would point to his Florida education and suggest that he didn?t make the mental connection.)? But the fines continued for six days, until Tebow became the starter.

Though not nearly as juicy or revealing as a locker room fight or a sideline blowup, it?s the first evidence of any frustration with Tebow from his teammates.? And it?s further proof of a passive-aggressive style that Tebow periodically displays, making his point without causing a ruckus.? Like when he evaded direct questions from Shannon Sharpe of CBS as to whether Tebow believes he enjoys the full support of the organization.

Right or wrong, Tebow?s fellow quarterbacks believed he should have expressed disagreement with the billboard, and that by failing to do so he necessarily approved of it.? And so, instead of responding to passive-aggression with more of the same, Kyle Orton and Brady Quinn opted to take the Tebow by the horns and punish him financially for failing to truly be the kind of teammates everyone presumes him to be.

While irrelevant now that Tebow is the starter, it?ll be interesting to see what happens if/when fans ever purchase a billboard calling for Tebow to be benched.

UPDATE 4:41 p.m. ET:? As several of you have pointed out, and as I had forgotten, Tebow said on September 15 that he?d rather the money spent on the billboard be donated to his charitable foundation.? ?Well, I guess I appreciate the support, you know, but we got people in charge here that we trust and [I] trust they?re going to do the right thing,? Tebow said.? Apparently, the fines arose not after the billboard that prompted Tebow?s September 15 comments was displayed, but after another billboard went up.

Source: http://profootballtalk.nbcsports.com/2011/12/30/dolphins-want-to-shatter-playoff-dreams-of-the-jets/related/

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Twin NASA Probes Have New Year's Date with the Moon (SPACE.com)

No matter how exciting your plans are for New Year's, two NASA spacecraft have you beat ? they've got a date with the moon.

After more than three months of spaceflight, NASA's twin Grail probes are set to start orbiting the moon this weekend, with Grail-A arriving Saturday (Dec. 31) and Grail-B following on Sunday (Jan. 1). The spacecraft are on a mission to map lunar gravity in unprecedented detail, shedding light on the moon's composition, formation and evolution.

"Our team may not get to partake in a traditional New Year's celebration, but I expect seeing our two spacecraft safely in lunar orbit should give us all the excitement and feeling of euphoria anyone in this line of work would ever need," said Grail project manager David Lehman, of NASA's Jet Propulsion Laboratory in Pasadena, Calif., in a statement.

An anxious New Year's Eve

The $496 million Grail mission (short for Gravity Recovery And Interior Laboratory) launched on Sept. 10 and took a circuitous, and energy-efficient, route to the moon. Earth's nearest neighbor is just 240,000 miles (386,000 kilometers) away, but the two spacecraft will have put about 2.5 million miles (4 million km) on their odometers when they finally arrive.

The long journey has given the mission team plenty of time to assess the probes' health and to power up their science gear, researchers said.

Both spacecraft will make their orbital-insertion maneuvers automatically. Still, about 40 members of the Grail team will be monitoring the action over the weekend to make sure everything goes according to plan ? and to jump in if it doesn't, Lehman told reporters Wednesday (Dec. 28).

Orbital insertion is a nerve-wracking part of any space mission, and Grail gives scientists and engineers twice as much to worry about.

"The anxiety level is heightened right now, and it is more so than with other missions, because we do have two spacecraft to go into lunar orbit," Lehman said. "But we've been studying and working on this for three or four years ? four years ? and we're well-prepared for that."

The fact that Grail-B will arrive about 24 hours after Grail-A should help streamline the process and calm some nerves.

"The team will have time to rest between each event," Lehman said.

Mapping lunar gravity

Once they arrive at the moon, the Grail spacecraft will perform a series of additional burns to get closer and closer. By early March, they should be just 34 miles (55 km) above the lunar surface, and that's when the probes' science campaign will begin. [Video: Grail's Mission to Map Moon Gravity]

Grail-A and Grail-B will chase each other around the moon for 82 days, staying 75 to 225 miles (121 to 362 km) apart.

Regional differences in the moon's gravity will cause the two spacecraft to speed up or slow down slightly, changing the distance between them as they fly. Using microwave signals that they bounce back and forth to each other, Grail-A and Grail-B will gauge these distance variations constantly ? and with incredible precision.

The Grail probes will be able to determine how far apart they are to within a few microns, less than the width of a human red blood cell, researchers have said.

Scientists will use the twin probes' measurements to construct extremely accurate maps of the lunar gravity field. These maps, in turn, should reveal the moon's structure in great detail, allowing scientists to draw insights about how the rocky body formed and how it has changed over time.

So the Grail team is hoping that the two spacecraft's arrival at the moon heralds many exciting discoveries to come in 2012.

Having "a great set of technological accomplishments, I think, is a great way both to end the year and start the new year," said Grail principal investigator Maria Zuber, of the Massachusetts Institute of Technology.

You can follow SPACE.com senior writer Mike Wall on Twitter: @michaeldwall. Follow SPACE.com for the latest in space science and exploration news on Twitter @Spacedotcom and on Facebook.

Source: http://us.rd.yahoo.com/dailynews/rss/space/*http%3A//news.yahoo.com/s/space/20111230/sc_space/twinnasaprobeshavenewyearsdatewiththemoon

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New post from Twitter user ranjittravel in the chatbox Hotels

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Source: http://mychatbox.me/chatter/p/161594/

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