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A Reuters report today highlights organizations that are cutting back the number of days employees are required to physically show up at work because of soaring gas prices. Even employees who are required to be on-site in order to work, such as janitors, are being cut down to four-day workweeks to save gas. White collar workers, of course, are being allowed, encouraged or forced to stay home once a week or more often and telecommute.

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Apple won’t crank up the hype machine about all the new things an iPhone can do until its Worldwide Developers Conference on June 9, but here’s a small taste of what’s in store: finding things to do in the neighborhood when you’re at a loss.

That’s the idea behind Pelago, the first company funded by Kleiner Perkins Caufield & Byers as part of the $100 million iFund the venture capital firm announced in March at Apple’s last big iPhone event.

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Many members of the Web 2.0 generation of internet companies have so far produced little in the way of revenue, despite bringing about some significant changes in online behaviour, according to some of the entrepreneurs and financiers behind the movement.

The shortage of revenue among social networks, blogs and other “social media” sites that put user-generated content and communications at their core has persisted despite more than four years of experimentation aimed at turning such sites into money-makers. Together with the US economic downturn and a shortage of initial public offerings, the failure has damped the mood in internet start-up circles.

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The perfect storm that has swept oil prices to $132 a barrel may subside over the coming months as rising crude supply from unexpected corners of the world finally comes on stream, just as the global economic downturn begins to bite.

The forces behind the meteoric price rise this spring are slowly receding. Nigeria has boosted output by 200,000 barrels a day (BPD) this month, making up most of the shortfall caused by rebel attacks on pipelines in April.

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The global food crisis is a monetary phenomenon, an unintended consequence of America’s attempt to inflate its way out of a market failure. There are long-term reasons for food prices to rise, but the unprecedented spike in grain prices during the past year stems from the weakness of the American dollar. Washington’s economic misery now threatens to become a geopolitical catastrophe.

Read the complete Asia Times article here