Manhole Cover Thieves Hit Streets of Philadelphia

Metal companies nationalized 'to build platform for socialism'

(NEWSER) - Hugo Chavez has ordered the nationalization of several large iron and steel companies in Venezuela, AFP reports. The president said the takeovers marked the start of a "process of nationalization to create an industrial complex." The move, which follows the nationalization of 39 oil service providers, would help build a "solid platform of socialism," Chavez said. More»

(NEWSER) - Anyone questioning the utility of Facebook should talk to Carla Pillo Mote. The Philadelphia advertising exec used the social networking site to identify and locate the man who drunkenly absconded with her company computer, wallet, and tax forms well before the police could make a move, reports Mediabistro's Agency Spy blog. Of course, she and the sticky-fingered miscreant are now Facebook friends. More»

Amendment calls for stimulus plan to honor existing trade agreements

(NEWSER) - The Senate has voted to water down the "Buy American" clause in the economic stimulus package amid fears it could trigger a trade war, Reuters reports. The requirement that stimulus-funded projects use American-made iron, steel and manufactured goods now includes the proviso that it only be applied in a manner that doesn't violate existing trade agreements. The House version contains no such guarantee. More»

Exporters warn of foreign backlash if package erects free-trade barriers

(NEWSER) - American exporters are fighting to ditch "Buy American" provisions from the economic stimulus package, the Washington Post reports. The House version bars most foreign iron and steel from stimulus projects, while a Senate version calls for only American-made equipment and goods to be used in nearly all projects to be funded by the stimulus package—a move exporters say would spark swift retaliation from foreign governments. More»

$5B in annual losses drive home prices up by as much as 10%

(NEWSER) - Increasing theft of building materials from construction sites, especially residential projects, is driving up the cost of homes to consumers as much as 10%, the New York Times reports. Experts say as much as $5 billion a year is being lost to thieves looking to profit from skyrocketing prices for building materials and metal prices. More»