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The revision means that speculators controlled 48 percent of the open interest in NYMEX crude oil futures and options as of July 15, compared with just over 38 percent under the previous classification.

“That’s huge when you look at the numbers,” said Phil Flynn of Alaron Trading in Chicago.

“It changes the whole way you look at the recent moves in this market.”

The U.S. Commodities Futures Trading Commission announced on July 18 that it was reclassifying some trading positions that it had reported as commercial hedging positions as noncommercial speculative positions.

The data revision converted approximately 327,000 long and 330,000 short NYMEX crude oil futures and options positions into mostly spreading positions held by speculators.

The big shift is all the more surprising, oil traders and analysts said, since the CFTC apparently reclassified only one unidentified oil trader at the same time as the data revision.

“There may have been multiple ‘positions’ which were reclassified … but they all appear to have been held by just one trader, and this was a very special trader, with an enormous concentration of positions in crude oil amounting to perhaps 460 million barrels, and not much interest in anything else,” noted John Kemp of RBS Sempra Commodities.

She also said the agency would not confirm whether a single trader or multiple traders had been reclassified.

“This reclassification issue highlights the fact that improvements are still needed in the area of data collection and that the agency does not yet have the comprehensive data we need to make any declarative statements about the overall role of speculators in commodity markets,” said Democratic CFTC Commissioner Bart Chilton.

SEMGROUP LINK?

The reclassification comes amid the collapse of energy trader SemGroup LP, which filed for bankruptcy on July 22 after suffering $3.2 billion in losses on oil futures and derivatives.

SemGroup has blamed its collapse on unauthorized speculative oil trading by its co-founder and former chief executive, according to a court filing by a SemGroup lender.

The SemGroup collapse coincided with a sharp fall in oil futures from their peak above $147 a barrel in mid-July. However, a person familiar with SemGroup’s trading position said Monday the trader’s position was not concentrated in any one month and was more focused on intermonth spread positions.

“This was no Amaranth or Motherrock,” said the person familiar with SemGroup’s futures trading book, referring to two energy hedge funds whose multibillion dollar failures roiled futures markets.

SemGroup began the process of transferring its NYMEX trading book to Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) on July 11 after drawing down a $54 million line of credit to place a deposit with the British bank, according to bankruptcy court testimony.

SemGroup completed the transfer of its trading book to Barclays on July 16.

The transfer of SemGroup’s NYMEX trading position was instigated by the exchange itself, according to a source familiar with the NYMEX’s activities.

SemGroup’s financial difficulties were first disclosed by its publicly traded subsidiary SemGroup Energy Partners LP (SGLP.O: Quote, Profile, Research, Stock Buzz) on July 17, three days after its parent hired The Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz) to advise it on restructuring and two days after a conference call with its lenders where it told them it had run out of cash.

The new rules, issued late Wednesday with immediate effect, call for penalties of up to 30 percent of the capital involved in any unauthorized inward or outward foreign currency transfers. They give authorities stronger control over such transactions and expand reporting requirements for financial institutions.

“As China’s economy becomes more internationalized and the movement of international capital flows accelerates, there is a need to improve the system and oversight of multinational capital movements,” the State Administration of Foreign Exchange, or SAFE, said in a statement posted on its Web site.

Those are foods recommended by Price, a Cleveland dentist who traveled the world studying primitive diets. His 1939 book, “Nutrition and Physical Degeneration,” concluded that a diet high in the vitamins found in animal fats and untouched by “modern” innovations such as refined flour, sugar and chemically preserved foods was the key to preventing chronic disease and tooth decay.

Such ideas have been considered heretical by modern American public health policy that promotes a low-fat, low-sodium diet. But increasing interest in sustainable, local foods, combined with industrial health scares such as the recent salmonella outbreak, has put the spotlight on the foundation’s unorthodox ideas about healthful eating. Its membership is nearly 10,500 strong, and growing at a 10 percent clip each year. There are more than 350 U.S. chapters, plus international groups from Australia to Norway.

For years, these ideas were “as fringe as you could get, as politically incorrect as you could get,” says Fallon, 60. “All of a sudden, people are listening.”

That new audience is surprisingly broad. Some adherents are interested exclusively in nutrition. But more and more, the concept of returning to traditional foodways is pulling people in. New members include the expected “back to the land” types, for whom the foundation’s message provides yet another reason to support small organic farms, and those who oppose the government’s attempt to limit the availability of foods such as raw milk.

Tests showed that personal information could be cloned and manipulated within an hour before being inserted into new chips, the Times reported.

The paper said it had exposed “security flaws” in the passport system by asking a researcher to clone the chips on two British passports and implant digital images of Osama bin Laden and a suicide bomber. The altered chips were then passed as genuine by reader software used by the UN agency that sets the standards for such e-passports.

The tests showed that bogus biometrics could be inserted in fake or blank passports, the Times alleged, saying the flaws also undermined assertions that 3,000 blank passports stolen last week could not be forged.

The identity and passport service at the Home Office remained confident, however, that the British biometric passport was “one of the most secure passports available”, saying no one had been able to demonstrate they could modify or change information contained in a chip, and that if they did, it would be obvious to the reader.

Lawrence Lessig, a respected Law Professor from Stanford University told an audience at this years Fortune’s Brainstorm Tech conference in Half Moon Bay, California, that “There’s going to be an i-9/11 event” which will act as a catalyst for a radical reworking of the law pertaining to the internet.

Lessig also revealed that he had learned, during a dinner with former government Counter Terrorism Czar Richard Clarke, that there is already in existence a cyber equivalent of the Patriot Act, an “i-Patriot Act” if you will, and that the Justice Department is waiting for a cyber terrorism event in order to implement its provisions.

During a group panel segment titled “2018: Life on the Net”, Lessig stated:

There’s going to be an i-9/11 event. Which doesn’t necessarily mean an Al Qaeda attack, it means an event where the instability or the insecurity of the internet becomes manifest during a malicious event which then inspires the government into a response. You’ve got to remember that after 9/11 the government drew up the Patriot Act within 20 days and it was passed.

The Patriot Act is huge and I remember someone asking a Justice Department official how did they write such a large statute so quickly, and of course the answer was that it has been sitting in the drawers of the Justice Department for the last 20 years waiting for the event where they would pull it out.

Most of the clients had properties that have lost value, according to the person, who declined to be identified because the information isn’t public. The New York-based investment bank will review home-equity lines of credit, or HELOCs, monthly from now on, the person said yesterday.

Wall Street firms including Morgan Stanley are ratcheting back on risks after the collapse of the subprime mortgage market and ensuing credit contraction saddled banks and brokerages with almost $500 billion of writedowns and losses. Consumers fell behind on home-equity credit lines at the fastest pace in two decades in the first quarter, the American Bankers Association reported last month.

Physicians for Human Rights says the Shin Bet began interrogating Palestinian patients seeking permission to travel from Gaza to Israel for crucial medical help after Israel blockaded and then declared the tiny territory an enemy entity more than a year ago.

Typically, patients are taken to a small, windowless room, underground, beneath the security terminal at Erez, the only passenger crossing that remains open between Gaza and Israel, where they are questioned by Shin Bet agents for hours, the report says.

Refusal to cooperate often results in the denial of medical treatment. Based on the testimonies of more than 30 Palestinians – 11 of which are published – the report says the Shin Bet is using coercion and extortion to force patients to collaborate.

“They took me through underground passages and made me sit in another waiting room for almost 45 minutes. A man approached me and called me to another room for interrogation. He asked me to sit down and presented himself as Moshe,” Bassam al-Wahidi, a Fatah-aligned journalist, said in his affidavit to Physicians for Human Rights.

“After all my responses he said to me: ‘I want to talk to you openly when you return from Israel so that you will have an acceptable reputation on the Israeli side. Either you make contact with me and agree to my demands, or you will not get any medical treatment which will cause you to be blind and you will become a burden to your family and friends,'” Wahidi said in his affidavit.

But he said he refused and was forced to return to Gaza without receiving any treatment. Now the 28-year-old, who married a year and a half ago, is completely blind in his right eye and losing the vision in his overstrained left eye.

“I might divorce because I can’t stand in front of my wife as a disabled person,” Wahidi said.

He is one of an unknown number of patients from Gaza who have been denied medical treatment after refusing to inform on their friends, neighbours and relatives. Many patients feel they are being forced to choose between preserving their life or protecting their community. Physicians for Human Rights says such pressure amounts to coercion and extortion.

International law forbids the use of civilians in conflict to damage an enemy state and collaboration in the Palestinian community is a crime punishable by death.