Science & Technology

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We never did get the hovercrafts we were promised as kids, but we're getting closer. Imagine sailing above the Bourne Bridge on your way to the beach, while consuming less gas than the SUVs stuck beneath you in traffic.

A compact, two-seat plane with folding wings that can be pulled behind a car on a trailer will premiere at an air show in Wisconsin next week in a development that heralds a new genre of flying machines designed to bring the power-boating experience to the sky. Developed by two Stanford business school graduates, Kirk Hawkins and Steen Strand, the ICON A5 is the latest and arguably coolest plane to take to the skies under a new classification that the Federal Aviation Administration calls light-sport aircraft.

The A5's top speed is 120 miles per hour, and its maximum altitude is about 10,000 feet, in keeping with its Light-Sport Aircraft classification - a new class created to make personal aviation accessible to more people. It runs on auto gasoline and gets 18 to 20 miles to the gallon, according to Icon.  read more »

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Wall Street ended a volatile week with a moderate rebound Friday after better-than- expected economic data at least temporarily eased the worries of investors concerned about housing and the financial sector. Financials fell again on continued worries about the health of balance sheets, while technology stocks advanced. A day after a sharp drop in existing-home sales aided in pushing stocks sharply lower, economic news helped buoy the market on Friday.

The Commerce Department reported that factory orders for big-ticket manufactured goods, such as cars, appliances and machinery, rose by 0.8 percent in June, the strongest gain in four months and well ahead of Wall Street's expectations. But outside demand for defense equipment, orders would have been up only 0.1 percent. Another Commerce Department report showed that new-home sales dropped by a smaller-than-expected 0.6 percent to a seasonally adjusted annual rate of 530,000 units; the market expected sales to total 505,000. Although it marked the seventh decline in the past eight months, it stirred some hope that the housing market could be finding a bottom. Orders for durable goods rose 0.8% last month, far better than the 0.4% decline expected.

And there was good news about consumers, whose spending accounts for more than two-thirds of U.S. economic activity. The Reuters/University of Michigan index of consumer sentiment for the first part of July came in at 61.2, while economists forecast a reading of 56.4. The reading was a slight rebound from a 28-year-low last month. "This is a market that's looking for any good signs," said John Massey, a fund manager at AIG SunAmerica Asset Management. "People are trying to find the light at the end of the tunnel."

Some experts said, however, that trading is likely to be uneven in the coming days as Wall Street awaits Friday's July employment report. Linda Duessel, equity market strategist at Federated Investors, said economic figures such as the durable-goods numbers are important because they reveal continued demand from abroad, which could help U.S. companies continue to rake in profits even if the U.S. economy isn't running at full steam. "That's good news for market participants as we try to find a footing in the market because we really don't want to see our weakness leak outside the U.S.," she said.

The Dow Jones industrial average rose 21.41 points Friday, to 11,370.69, rebounding slightly from Thursday's decline of more than 280 points. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 5.22, to 1257.76, and the technology-heavy Nasdaq composite index jumped 30.42, to 2310.53. For the week, the Dow fell 1.1 percent and the S&P 500 lost 0.2 percent. Friday's tech rally left the Nasdaq up 1.2 percent for the week. Oil fell $2.23 to settle at $123.26 a barrel. Crude prices have fallen more than $20 in recent weeks, alleviating some of Wall Street's concerns about the impact of inflation on consumers' ability to spend.

The stock market's volatility during the week—rallying Tuesday and Wednesday only to erase those gains Thursday—illustrates tentativeness behind some of the bets investors are making, said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. He said the market tends to react to the latest headlines. "It's just news sensitive, and the real question is, 'What's the next news going to be? Good or bad?' That means that the market doesn't have a trend or a direction. It depends entirely on whether the news is going to be good or bad on any given day and that doesn't give you, as an investor, a lot of confidence."

For the second consecutive session, financial-services stocks were hard hit, with Dow components Bank of America losing 3.5 percent and Citigroup falling more than 1 percent. For the year, each is down more than 28 percent.

Europe gains: European stocks posted their first back-to-back weekly gains since May as better-than-estimated earnings and lower oil prices fueled a rally in carmakers, and banks climbed on speculation credit-market losses will abate. Europe's Dow Jones Stoxx 600 Index increased 0.4 percent this week, extending its rebound from a three-year low on July 15 to 5.7 percent.

Asia falls: In Asia, stocks fell the most in six weeks, snapping a four-day rally. The MSCI Asia-Pacific index lost 2.8 percent. The index rallied 5.9 percent in the first four days of this week as concerns eased that bank losses will expand and oil tumbled.

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Photos courtesy of AFP, AP Photo/Ed Ou & Bebeto Matthews, and Independent.ie

Original Source: Chicago Tribune and NY Daily News

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SAN FRANCISCO (Reuters) - Google Inc. opened its website Knol to the public on Wednesday, allowing people to write about their areas of expertise under their bylines in a twist on encyclopedia Wikipedia, which allows anonymity. "We are deeply convinced that authorship -- knowing who wrote what -- helps readers trust the content," said Cedric DuPont, product manager for Knol. The name of the service is a play on an individual unit of knowledge, DuPont said, and entries on the public website, knol.google.com, are called "knols." Google conducted a limited test of the site beginning in December.

Knol has publishing tools similar to single blog pages. But unlike blogs, Knol encourages writers to reduce what they know about a topic to a single page that is not chronologically updated. "What we want to get away from is 'this last voice wins' model which is very difficult if you are a busy professional," DuPont said.

Google wants to rank entries by popularity to encourage competition. For example, the first knol on "Type 1 Diabetes" is by Anne Peters, director of the University of Southern California's Clinical Diabetes Programs. As other writers publish on diabetes, Google plans to rank related pages according to user ratings, reviews and how often people refer to specific pages, DuPont said. Knol focuses on individual authors or groups of authors in contrast to Wikipedia's subject entries, which are updated by users and edited behind the scenes.  read more »

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Neil Armstrong walks on moon
At 9:32 a.m. on July 16 1969, with the world watching, Apollo 11 took off from Kennedy Space Center with astronauts Neil Armstrong, Edwin Aldrin Jr., and Michael Collins aboard. Armstrong, a 38-year-old civilian research pilot, was the commander of the mission. After traveling 240,000 miles in 76 hours, Apollo 11 entered into a lunar orbit on July 19. The next day, at 1:46 p.m., the lunar module Eagle, manned by Armstrong and Aldrin, separated from the command module, where Collins remained. Two hours later, the Eagle began its descent to the lunar surface, and at 4:18 p.m. the craft touched down on the southwestern edge of the Sea of Tranquility. Armstrong immediately radioed to Mission Control in Houston, Texas, a famous message: "The Eagle has landed."

At 10:56 p.m. EDT, American astronaut Neil Armstrong, 240,000 miles from Earth, speaks these words to more than a billion people listening at home: "That’s one small step for man, one giant leap for mankind." Stepping off the lunar landing module Eagle, Armstrong became the first human to walk on the surface of the moon.

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Photo courtesy NASA / Andrew Chaikin

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FARNBOROUGH, England: Plane makers and airlines at the world's largest air show struck a tone between conciliatory and defensive on global warming Wednesday — pledging to make flying more fuel-efficient but bridling at a European Union emissions trading scheme. Executives from British Airways and Airbus used a "sustainable aviation" summit at the Farnborough International Airshow to attack the EU over its revised emissions trading scheme, which it said will cripple the European industry coming on top of soaring oil prices. BA Chief Executive Willie Walsh said he supported a trading scheme in general but had "serious reservations" about the EU proposal, which he said would encourage carriers to bypass European hubs. "The EU should look again at applying a scheme that is workable in the first place and able to be applied worldwide," Walsh said.

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July 10 (Bloomberg) -- A third of the world's corals could be dead within a few years, a shocking new report warns today. The biggest study of its kind has found that 200 out of 700 species of coral are on the brink of extinction - far more than was previously thought. If they die, some of the most beautiful and colourful reefs - home to millions of species of marine life - could be devastated. The speed of decline has shocked the 39 scientists who carried out the survey. Just 10 years ago only 13 species of coral were endangered. Researchers, who published their findings in the journal Science, say they have been badly hit by climate change, coastal development and overfishing.

A team of 39 researchers assessed the state of 704 coral species and found 32.8 percent are threatened with extinction. The study results, published today in the journal Science, are "worse than expected," said co-author Suzanne Livingstone, a marine biologist at Old Dominion University in Norfolk, Virginia. "When we began this process, we didn't think it would be anywhere near as high as that," Livingstone, also a marine species assessor for the International Union for Conservation of Nature, said yesterday in a telephone interview. "Climate change is the overarching threat which comes in on a much larger, global scale," adding to localized disturbances, she said. Death of corals can lead to the collapse of entire ecosystems.

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