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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
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Friday, May 16, 2008
Paramedics, EMTs in Oregon, Washington State Ratify First-Ever Teamsters Contract
Comtex
WASHINGTON, May 16, 2008 /PRNewswire-USNewswire via COMTEX News Network/ ----Contract Covers More than 500 Workers
More than 500 paramedics and emergency medical technicians in the Greater Portland, Oregon and Vancouver, Washington area have ratified their first-ever contract as Teamsters.
"The Teamsters are pleased that these workers are now covered by a strong contract that gives them job protection and a secure retirement future," said Teamsters General President Jim Hoffa.
The workers, both full-time and part-time, are employed by American Medical Response, Inc. They are members of Local 58 in Vancouver, Washington and Local 223 in Portland, Oregon.
"These workers were determined to become Teamsters and we're thrilled they are now under a contract," said John Silva, Secretary-Treasurer of Local 58. "This effort was a joint one with Local 223 headed by Secretary-Treasurer Clayton Banry, and Joint Council 37 led by President Tony Andrews."
The three-year contract provides the workers with better wages, benefits and an improved workplace environment. The labor agreement was ratified by a significant majority of the members and provides many improvements, including pay increases of more than 18.5% over a three-year period, reduced employee medical insurance costs, establishment of employer seeded FSA accounts, fully paid training and overtime after 8 hours for all classifications.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.
SOURCE International Brotherhood of Teamsters
http://www.teamster.org
Copyright (C) 2008 PR Newswire. All rights reserved
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