Money Matters - Simplified


RIM slashes profit forecast

Research In Motion (RIM), maker of the BlackBerry smart phone predicted that its profits may drop and the company may have to cut jobs.

Britain's GDP up 0.8 percent in quarter

London -- The third quarter gross domestic product in Britain rose 0.8 percent, twice what economists had predicted, the Office of National Statistics said Tuesday.

While quarter-to-quarter gains were stronger than expected, economic output slowed from the second quarter, when growth reached 1.2 percent.

From a year ago, economic output has grown 2.8 percent, ONS said.

For the third quarter, output of the industrial sector rose 0.6 percent after climbing just 0.1 percent in the previous quarter. Output from manufacturing rose 1 percent, while mining output fell 0.7 percent. Utilities also produced less, with a drop of 0.2 percent in electricity, gas and water companies.

Computers predicted Gulf oil movement

Santa Barbara, Calif. -- Scientists in California say they were successful in predicting the spread of oil from the Gulf of Mexico spill and when and where it would wash ashore.

Researchers at the University of California, Santa Barbara, used computer models to describe how slicks of oil tend to be stretched into filaments by motion at the sea surface, a university release said.

To produce predictions of oil movement after the Deepwater Horizon explosion, Igor Mezic, a professor of mechanical engineering at UCSB who studies fluid dynamics, utilized forecasts of sea surface conditions from a U.S. Navy model.

"We predicted where the oil was going to go," Mezic said. "We were able to do three-day predictions pretty accurately."

Acitve hurricane season predicted

Washington -- The U.S. National Weather Service says an active hurricane season is ahead for the Atlantic Basin, projecting eight to 12 hurricanes between now and October.

The projection was included in a seasonal outlook update issued Thursday by the National Oceanic and Atmospheric Administration.

As the season's peak approaches -- late August through October -- NOAA is predicting 14 to 20 named tropical storms and eight to 12 hurricanes, of which four to six could be Category 3, 4 or 5, major hurricanes with winds of at least 111 mph.

The average figure is 11 named storms, six hurricanes and two major hurricanes.
The named storm prediction number includes the recent Alex, Bonnie and Colin storms.