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The estimate yesterday by Haroldo Lima, head of Brazil’s petroleum regulator, has “no technical basis,” said Guilherme Estrella, chief of exploration and production at Petrobras, as the Rio de Janeiro-based company is known. It will take at least until July to drill deep enough to make an accurate estimate, he told reporters in Brasilia today. Lima’s estimate would make Carioca the world’s third-largest field.

The deep-sea find by state-run oil firm Petrobras could yield 33 billion barrels in reserves.

Further tests are required to assess the scale of the find, off the coast of Rio de Janeiro, but analysts say it could have significant implications.

Brazil announced sizeable new gas and oil discoveries last year as well.

‘Big number’

In December 2007, Brazil said it had found a new reserve in the Espirito Santo region a month after a reserve in the nearby Tupi oil field of up to eight billion barrels was found.

According to the US Energy Department, Brazil’s existing proven oil reserves total 11.8 billion barrels, while the US holds 21.8 billion.

Referring to the latest discovery, Citigroup analyst Tim Evans said: “It’s a big, big number”.

Petrobras said “more conclusive data” about the potential of the discovery would only be known after further evaluation.

A spokesperson for the National Petroleum Agency said the statement by its president Harold Lima about the find was based on unconfirmed sources.

Greens Senator Bob Brown said he was “shocked and alarmed” by the claims, heard today by the Senate legal and constitutional committee’s inquiry into a Stolen Generation Compensation Bill 2008.

On the first day of hearings in Darwin today, Kathleen Mills from the Stolen Generations Alliance said the public did not know the full extent of what happened to some children.

And efforts to obtain records that support the claims, such as that children were injected with serums to gauge their reaction to the medication, had been hampered, she said.

“These are the things that have not been spoken about,” Ms Mills told the inquiry.

“As well as being taken away, they were used … there are a lot of things that Australia does not know about.”

Outside the inquiry, Ms Mills said her uncle had been a medical orderly at the Kahlin Compound in Darwin.

She said he told her that children were used as “guinea pigs” for leprosy treatments.

“He said it made our people very, very ill … the treatment almost killed them,” she said.

“It was a common experience and a common practice … People are very inhibited to speak about their experience and it is not a nice subject … I don’t want them to be shamed.”

Senator Brown said it was important to get to the bottom of the claims, which he called “very, very serious”.

“It may be right, it may not,” he said.

“It needs investigation. If within the indigenous community there is a feeling that children may have been experimented upon for a treatment for leprosy or anything else, the air needs to be cleared.”

Ms Mills said information to do with the testing would be in health department archives and she called on the Government to assist “opening Pandora’s box”.

She also said it was important to work with indigenous groups to ascertain who is eligible for compensation.

“It has to happen … but there’s this reluctance to do it,” she said.

“We don’t have the necessary information … it’s probably tucked away in some archive but we don’t have the resources to research, we don’t have the people who are qualified.”

The compensation Bill aims to pay money to victims of the stolen generations, including living descendants, out of a Stolen Generations Fund.

Ex gratia payments would be set at $20,000 as a common experience payment with an additional $3,000 for each year of institutionalisation.

Rodney Dillon, from the National Sorry Day Committee, said that while the Government debated action, Aboriginal elders entitled to compensation were dying.

Wal-Mart, which is the largest seller of firearms in the United States, agreed a 10-point code, which also includes rigid inventory controls, with a bipartisan coalition of Mayors Against Illegal Guns led by New York’s Michael Bloomberg.

The retailer said it will develop a first-of-its-kind computerized crime gun trace log that will flag purchases by customers who have previously bought guns later recovered in crimes.

Potatoes, which are native to Peru, can be grown at almost any elevation or climate: from the barren, frigid slopes of the Andes Mountains to the tropical flatlands of Asia. They require very little water, mature in as little as 50 days, and can yield between two and four times more food per hectare than wheat or rice.

“The shocks to the food supply are very real and that means we could potentially be moving into a reality where there is not enough food to feed the world,” said Pamela Anderson, director of the International Potato Center in Lima (CIP), a non-profit scientific group researching the potato family to promote food security.

Like others, she says the potato is part of the solution.

The potato has potential as an antidote to hunger caused by higher food prices, a population that is growing by one billion people each decade, climbing costs for fertilizer and diesel, and more cropland being sown for biofuel production.

To focus attention on this, the United Nations named 2008 the International Year of the Potato, calling the vegetable a “hidden treasure”.

Governments are also turning to the tuber. Peru’s leaders, frustrated by a doubling of wheat prices in the past year, have started a program encouraging bakers to use potato flour to make bread. Potato bread is being given to school children, prisoners and the military, in the hope the trend will catch on.

Supporters say it tastes just as good as wheat bread, but not enough mills are set up to make potato flour.

“We have to change people’s eating habits,” said Ismael Benavides, Peru’s agriculture minister. “People got addicted to wheat when it was cheap.”

Even though the potato emerged in Peru 8,000 years ago near Lake Titicaca, Peruvians eat fewer potatoes than people in Europe: Belarus leads the world in potato consumption, with each inhabitant of the eastern European state devouring an average of 376 pounds (171 kg) a year.

India has told food experts it wants to double potato production in the next five to 10 years. China, a huge rice consumer that historically has suffered devastating famines, has become the world’s top potato grower. In Sub-Saharan Africa, the potato is expanding more than any other crop right now.

Some consumers are switching to potatoes. In the Baltic country of Latvia, sharp price rises caused bread sales to drop by 10-15 percent in January and February, as consumers bought 20 percent more potatoes, food producers have said.

The developing world is where most new potato crops are being planted, and as consumption rises poor farmers have a chance to earn more money.

“The countries themselves are looking at the potato as a good option for both food security and also income generation,” Anderson said.

AFFORDABLE RAINBOW OF COLORS

The potato is already the world’s third most-important food crop after wheat and rice. Corn, which is widely planted, is mainly used for animal feed.

Though most Americans associate potatoes with the bland Idaho variety, they actually come in some 5,000 types. Peru is sending thousands of seeds this year to the Doomsday Vault near the Arctic Circle, contributing to a gene bank for food crops that was set up in case of a global disaster.

With colors ranging from alabaster-white to bright yellow and deep purple and countless shapes, textures, and sizes, potatoes offer inventive chefs a chance to create new, eye-catching plates.

“They taste great,” said Juan Carlos Mescco, 17, a potato farmer in Peru’s Andes who says he frequently eats them sliced, boiled, or mashed from breakfast through dinner.

Potatoes are a great source of complex carbohydrates, which release their energy slowly, and — so long as they are not smothered with butter — have only five percent of the fat content of wheat.

They also have one-fourth of the calories of bread and, when boiled, have more protein than corn and nearly twice the calcium, according to the Potato Center. They contain vitamin C, iron, potassium and zinc.

SPECULATORS AREN’T TEMPTED

One factor helping the potato remain affordable is the fact that unlike wheat, it is not a global commodity, so has not attracted speculative professional investment.

Each year, farmers around the globe produce about 600 million metric tonnes of wheat, and about 17 percent of that flows into foreign trade.

Wheat production is almost double that of potato output. Analysts estimate less than 5 percent of potatoes are traded internationally, and prices are mainly driven by local tastes, instead of international demand.

Raw potatoes are heavy and can rot in transit, so global trade in them has been slow to take off. They are also susceptible to infection with pathogens, hampering export to avoid spreading plant diseases.

The downside to that is that prices in some countries aren’t attractive enough to persuade farmers to grow them. People in Peruvian markets say the government needs to help lift demand.

“Prices are low. It doesn’t pay to work with potatoes,” said Juana Villavicencio, who spent 15 years planting potatoes and now sells them for pennies a kilo in a market in Cusco, in Peru’s southern Andes.

But science is moving fast. Genetically modified potatoes that resist “late blight” are being developed by German chemicals group BASF. The disease led to famine in Ireland during the 19th century and still causes about 20 percent of potato harvest losses in the world, the company says.

Scientists say farmers who use clean, virus-free seeds can boost yields by 30 percent and be cleared for export.

For the month of March, foreclosure filings, default notices, auction sale notices and bank repossessions rose 5 percent, led by Nevada, California and Florida, RealtyTrac said.

The rise in March to filings on a total of 234,685 properties followed a 4 percent decline in February, RealtyTrac reported.

RealtyTrac said the peak has yet to be reached.

“What we’re really looking at is ongoing fallout from people overextending themselves to buy homes they couldn’t afford and using highly toxic loan products to get into the houses in the first place,” Rick Sharga, vice president of marketing at RealtyTrac, based in Irvine, California, said in an interview.

California should be the poster child for a mortgage-loan bailout. In few other places have so many taken on such onerous debts with so little equity. Unfortunately, the crisis in California is going to get much worse, and there is no bailout that will solve it. Why? Because if the first stage of the foreclosure crisis was about people who could not afford their mortgages, the next stage will be about people who have every reason not even to try to pay their mortgages.