lifestyle leader

Olive oil skin care is nothing new. In fact, it is an ancient beauty secret.

Discovered over 5000 years ago, olive oil quickly became an essential component of skin care. The Egyptians (imagine the legendary Cleopatra), Greeks, Phoenicians, and Romans all took full advantage of this prized oil.

Today, we observe the beautiful skin of Mediterranean women. Many claim their secret is the oil of the tiny fruit.

The oil comes in several grades. Extra virgin is the least processed and the most beneficial.

Olive oil for skin care will...

• Promote a smooth, radiant complexion
• Help maintain elasticity of skin
• Heal dry, brittle nails and soften cuticles
• Condition and add shine to hair

Tasty, too...

To receive the full benefit of olive oil, don't limit it to external care. Take a cue from the Mediterranean culture... eat it! Incorporate this healthy oil regularly into your diet. You’ll enhance your health while improving the appearance of your skin.

Olive oil is high in antioxidants, including vitamin E. Antioxidants are nutritional powerhouses that protect against age-accelerating free radicals. The oil of this miraculous fruit will guard your body and your skin... from the inside out.

The next time you enjoy a healthy salad, top with a drizzle of olive oil. Balsamic vinegar and olive oil make a delicious vinaigrette that is high in antioxidant, anti-aging protection.

When purchasing, always choose Extra Virgin olive oil, preferably organic. This is the least processed and retains the highest nutrient value.

Olive Oil Skin Care... Straight From the Bottle!

You can concoct simple skin care recipes right in your kitchen. Try the mini beauty treatments below...

Bath: For a moisturizing soak, add about ¼ cup olive oil and several drops of essential oil to your bathwater. Lavender oil will help you relax before going to bed. (Be careful as the tub may be slippery.)

Dry Skin: Gently massage a small amount of olive oil on extra dry areas such as elbows or heels.

Hands: Whip up a quick sugar scrub for rough, dry hands. Combine two tablespoons of oil with two tablespoons of sugar. Rub on hands until sugar begins to dissolve. Rinse with warm water. Voilà! Silky-smooth hands.

Feet: Apply a liberal amount of oil to feet at bedtime. Cover with cotton socks. Not sexy... but oh-so-soft feet in the morning! The magic works for hands, too. Cover with white cotton gloves (hmm, even less sexy).

Face: Create a moisturizing facial mask with olive oil, honey, and an egg yolk. Beat until well blended and apply to face... then relax! Leave on for 15 minutes; rinse with warm water.

Nails: Warm a small dish of olive oil (not too hot) with a tablespoon of lemon juice. Soak nails for 5- 10 minutes. This softens cuticles while it strengthens nails.

Hair: For a simple oil treatment, warm several tablespoons of olive oil (again, not hot). Rub into scalp and hair. Cover with a shower cap or small plastic bag. Leave on for 20-30 minutes.

For extra conditioning, mix an egg yolk with the olive oil... but do not warm. This is great for dry hair and split ends. It may even heal dandruff. Shampoo twice after this treatment or you'll smell like raw egg!

Lips: Alleviate chapped lips with straight olive oil. Dab on lips... especially helpful at bedtime.

If you’d prefer to purchase ready made olive oil skin products, you’re in luck. Manufacturers have discovered the power of this traditional beauty treasure.

There are plenty of olive oil skin care products on the market... from olive oil soap to olive oil skin cream to olive oil hair care. The benefits of this anti-oxidant rich oil are no longer just an ancient beauty secret!

Olive oil skin care is nothing new. In fact, it is an ancient beauty secret.

Discovered over 5000 years ago, olive oil quickly became an essential component of skin care. The Egyptians (imagine the legendary Cleopatra), Greeks, Phoenicians, and Romans all took full advantage of this prized oil.

Today, we observe the beautiful skin of Mediterranean women. Many claim their secret is the oil of the tiny fruit.

The oil comes in several grades. Extra virgin is the least processed and the most beneficial.

Olive oil for skin care will...

• Promote a smooth, radiant complexion
• Help maintain elasticity of skin
• Heal dry, brittle nails and soften cuticles
• Condition and add shine to hair

Tasty, too...

To receive the full benefit of olive oil, don't limit it to external care. Take a cue from the Mediterranean culture... eat it! Incorporate this healthy oil regularly into your diet. You’ll enhance your health while improving the appearance of your skin.

Olive oil is high in antioxidants, including vitamin E. Antioxidants are nutritional powerhouses that protect against age-accelerating free radicals. The oil of this miraculous fruit will guard your body and your skin... from the inside out.

The next time you enjoy a healthy salad, top with a drizzle of olive oil. Balsamic vinegar and olive oil make a delicious vinaigrette that is high in antioxidant, anti-aging protection.

When purchasing, always choose Extra Virgin olive oil, preferably organic. This is the least processed and retains the highest nutrient value.

Olive Oil Skin Care... Straight From the Bottle!

You can concoct simple skin care recipes right in your kitchen. Try the mini beauty treatments below...

Bath: For a moisturizing soak, add about ¼ cup olive oil and several drops of essential oil to your bathwater. Lavender oil will help you relax before going to bed. (Be careful as the tub may be slippery.)

Dry Skin: Gently massage a small amount of olive oil on extra dry areas such as elbows or heels.

Hands: Whip up a quick sugar scrub for rough, dry hands. Combine two tablespoons of oil with two tablespoons of sugar. Rub on hands until sugar begins to dissolve. Rinse with warm water. Voilà! Silky-smooth hands.

Feet: Apply a liberal amount of oil to feet at bedtime. Cover with cotton socks. Not sexy... but oh-so-soft feet in the morning! The magic works for hands, too. Cover with white cotton gloves (hmm, even less sexy).

Face: Create a moisturizing facial mask with olive oil, honey, and an egg yolk. Beat until well blended and apply to face... then relax! Leave on for 15 minutes; rinse with warm water.

Nails: Warm a small dish of olive oil (not too hot) with a tablespoon of lemon juice. Soak nails for 5- 10 minutes. This softens cuticles while it strengthens nails.

Hair: For a simple oil treatment, warm several tablespoons of olive oil (again, not hot). Rub into scalp and hair. Cover with a shower cap or small plastic bag. Leave on for 20-30 minutes.

For extra conditioning, mix an egg yolk with the olive oil... but do not warm. This is great for dry hair and split ends. It may even heal dandruff. Shampoo twice after this treatment or you'll smell like raw egg!

Lips: Alleviate chapped lips with straight olive oil. Dab on lips... especially helpful at bedtime.

If you’d prefer to purchase ready made olive oil skin products, you’re in luck. Manufacturers have discovered the power of this traditional beauty treasure.

There are plenty of olive oil skin care products on the market... from olive oil soap to olive oil skin cream to olive oil hair care. The benefits of this anti-oxidant rich oil are no longer just an ancient beauty secret!

From Algerian energy minister Chakib Khelil, expressing OPEC's disappointment at Russia's unwillingness to cut supply along with the oil cartel:

“Of course we are disappointed...Wouldn’t you be with your neighbour if you were cleaning in front of your house and he was pouring down dirt.”

Oh, snap!

-The Bolivarian dictator who cried "coup" is at it again. Venezuelans go to the polls on Sunday in Chavez's second try at a constitutional amendment removing term limits.

-The Project for Excellence in Journalism profiles "The New Washington Press Corps". It finds that while the "traditional" media's footprint in the US capital has shrunk dramatically, niche media (small and targeted) and foreign correspondents have increased their presence. The Washington bureau of Mother Jones is now roughly the same size as Time's, while Al Jazeera now rivals CBS.

-Dubai is fastly becoming one of the biggest casualties of the credit crunch. The real estate market has collapsed and foreign workers (approx. 90% of the emirate's labor force) are being laid off en masse. The NYT looks at one aspect of the deteriorating economic situation: foreign professionals fleeing the debt and luxury vehicles they accumulated during the boom.

-Eduardo came on for Croatia last night in a friendly v. Romania, and Arsenal hearts were, if only for a moment, lifted.

Politique
-As the financial crisis rolls on, the next phase of government (re)action is developing: US House approves an $819bn stimulus package (with a certain provision we don't like very much) and the FT reports that Obama will unveil a "Big Bang" package of banking/financial/housing reforms this week (now next), Harper's minority government unveils a federal budget that includes the country's first fiscal deficit in over a decade, Merkel has reportedly settled on a plan to create government-backed "bad bank" vehicles to clean up balance sheets, and Aso unveiled his own stimulus package under considerable opposition (he also pledged $17bn in aid to other Asian nations).

-62% of Bolivian voters approved a new constitution in last Sunday's referendum. The new constitution increases the government's control over strategic industries (including natural resources), strengthens indigenous rights, and furthers land reform. Despite the popular majority, 4 of the country's 9 provinces voted against the changes.

-North Korea voided all political and military agreements with the South this week, as mounting tensions on the Korean peninsula threaten all out military conflict. While Kim's motivation is unclear, a few theories seem plausible: 1) he is pushing his way onto Obama's agenda, 2) he is provoking an international crisis to stem any internal revolt amid his ailing health, 3) he has lost control and hardliners are their authority over foreign policy.

-Social and political instability is spreading across Europe: Iceland's government fell, massive strikes paralyzed France, and British workers walked off the job to protest the use of foreign workers amid rising British unemployment. Nationalism, protectionism, and industrial action are all on the rise.

-Iraqis voted in provincial elections. Despite a lower than hoped turnout, the elections were peaceful.

Economia
-The IMF reduced its global GDP forecast for 2009 to 0.5%, and the global economy shed over 70,000 jobs in one day.

-Sterling had a small recovery this week on a slight confidence jump in UK banks, the Euro slipped amid eurozone economic weakness and lack of faith in the ECB, and the USD and Yen both endured "rollercoaster" weeks.

-Exxon Mobile reported record earnings for the 4th quarter. The Lex column in the FT praised the company for "generating free cash flows as others invested" during the good times, positioning itself to pick off rivals and acquire assets in the bad. This conservatism has acted as a hedge against the rapid fall in prices.

The Rest
-In the Prem, ManU go 2 clear with 1 in hand, Liverpool score 2 late to take all 3 from a 10-man Chelsea, and Arsenal throw up a big 0 at home against West Ham. Elsewhere, Becks scores his second for Milan as speculation mounts over his return to LA.

-In tennis, Nadal beat Federer in 5 for the Australian Open title. Rafa's performance was simply incredible, coming less than 48 hours after his Australian open record 5 hour, 14 minute semifinal match against fellow Spaniard Fernando Verdasco. Many took Federer's uncontrollable tears in the post-match ceremony as a sign that even the Swiss great doubted his ability to ever beat Nadal again in a major final and catch Sampras' record 14 major titles.

-In Olympic swimming, Oops!

-While much of the fashion world has been tailoring collections to reflect our dark economic times, these designers look to color.

-Move over Highlander, meet Turritopsis nutricula: immortal jellyfish.

Natural gas negotiations between Russia and Ukraine collapsed Wednesday, with Russia preparing to cut gas deliveries tomorrow. This would be the second time in 3 years that Gazprom has cut deliveries to Ukraine over a price dispute, in turn threatening supplies to the EU. Ukraine is the EU's major transit route for gas deliveries, with over 80% of the bloc's external gas supply traveling over its territory.

The latest Russo-Ukrainian gas row is a reminder that despite the current (low) price levels, energy security remains a major issue, particularly to countries with heavy reliance on external supplies. It may also presage a more aggressive Kremlin in 2009, one that seeks to renegotiate gas contracts (particularly with former Soviet republics paying below market prices) with more frequency and adopts a less compromising position.

As Russia's budget comes under greater pressure, the rouble is devalued further (by as much as 10%, as many economists believe is necessary to account for the loss of petro/gas revenues, a cut the Kremlin has resisted with all of its will) and political unrest rises, the Kremlin will struggle to prop up the Russian economy. It will almost certainly turn to its energy leverage to plug the shortfall and boost spending.

Putin's authoritarian consolidation and economic nationalism have relied on a middle class complacency derived from petro/gas riches. The boom years were financed by the commodity bubble. Over this period the Russian government failed to adequately diversify, liberalize and modernize its economy. This made the Kremlin overly reliant on companies like Gazprom for tax revenues (and spending). Due to excessive state intervention and legal uncertainty, particularly when dealing with foreign investors, Russian industry became overly reliant on the Kremlin for finance and favor. What developed was an economy fundamentally underpined by high commodity prices. This house of cards was always vulnerable to a price collapse. Now that its here, the tight societal weave of Putin's Russia is starting to fray. It is unclear whether Putin/Medvedev are prepared to mend it.

Russia's resurgence has as much to do with oil and gas as it does with Putin. The major question for Russia in 2009 is: how does Putin respond?

IPE Journal looks at the economic events that defined our socio-political landscape in 2008, the year of the subprime.

- In The Beginning there was Northern Rock - nationalized in February by the UK government following a good old fashioned bank run. Following heavy losses in the subprime mortgage market, Bear Stearns was next to go: in March, the once-proud investment bank was sold to JP Morgan for pittance. In July, IndyMac Bank went into receivership.

- September Madness. Over the course of a few short weeks, the magnitude of the crisis hit home (so to speak) as financial giants fell like so many martini-and-oyster fuelled dominos. The highlights:

• Freddie and Fannie are taken over by the US federal government
• Merrill Lynch is sold to Bank of America
• The Federal Reserve offered loans to AIG and took an 80% share in the company
• Washington Mutual is seized by the FDIC
• Morgan Stanley and Goldman Sachs become traditional bank holding companies, bringing the era of independent investment banks to a temporary close.
• And Lehman Brothers - in what now appears to have been a hugely significant decision, Lehman Brothers was allowed to fall into bankruptcy and the credit crunch prompty shifted into a higher gear.

- Keynes returns from the wilderness. The collapse in consumer demand has led governments across the globe to initiate fiscal stimulus programs. The sheer rapidity of this about-face in policymaking is breathtaking. We've come to expect such measures from the likes of France and Sweden, but from the UK, US and (gasp!) Germany? Keynes was wrong on many counts and his proclaimed followers even more so, but Keynes' insights on the role of government during economic downturns have gained a new lease on life. For better or worse, the impact of government spending programs and fiscal guarantees will be a defining feature of 2009.

- Price of oil $140 -> $40. A May 5th Goldman Sachs report predicted oil would break $200 within 24 months. Ok, still possible, but six months later the commodity bubble had burst in spectacular fashion and oil was trading under $40 a barrel. The explanations for the remarkable run up in commodity prices of recent years are manifold: historic emerging market growth, global demand, dollar weakness, financial speculation, etc. The price apex was as much about psychology as it was fundamentals, what Donald Rumsfeld would eloquently call the realization of "known unknowns". The "peak oil" moment came in the minds of consumers, politicians and traders across the world, only to be swiftly disregarded as global demand collapsed. Even repeated OPEC production cuts couldn't halt the slide into 2009. Commodity countries from Russia to Mexico are feeling the pressure, with devaluations and political instability on the way.

- Dollar down, up...down? It is awkward to speak of benificiaries of the financial crisis, but the US dollar was exactly that in 2008. By the end of 2007, there was a growing debate over whether the dollar had entered into a sustained relative decline vis-a-vis the Euro, with many concluding the common currency would soon eclipse the greenback's status as primary global reserve currency. The credit crunch had undermined confidence in the US financial system, and hot money ran wild through commodity currencies and emerging markets. But then financial crisis accelerated, and the commodity bubble burst, and investors sprinted to the safety of US dollar. It hit multiyear highs against sterling, the Euro, and a slew of emerging market currencies. Looking ahead, the outlook for dollar appears decidely weaker in 2009. The massive spending plans of Barack Obama and easy money Fed will weigh on the gains of the past year, especially vis-a-vis the Euro and Yen. But the dollar will likely retain its strenght v. emerging market currencies and sterling, as investors continue to find security in the greenback and the UK falls into the abyss.

Notable economic events which could have shaped the course of our year [Update: for the better], but failed: WTO talks & the G20 meeting in November.

***Co-written by Rory Doyle

-John Thain wants his 2008 bonus, reportedly $10m. Two ways to look at this: 1) his social and political thermometers are broken, or 2) he deserves it. Despite all of his misleading statements on the health of Merrill Lynch and role in its eventual acquisition by Bank of America, he did secure the sale of the firm at $28 a share. Remember what Bear went for? My take: I recognize point 2, but agree with point 1. He's insane for asking, and his compensation committee would be crazier to approve. UPDATE: Apparently, someone told him this whole bonus demand was a bad idea, because he no longer wants it.

-The FT has an interesting article on today's elections in Quebec. The economy trumps sovereignty, a good sign for Liberals.

-The Pulitzer Prizes have expanded to cover online only publications. IPE Journal submits itself for consideration.

-Petroleum Intelligence Weekly has released its influential annual rankings of the world's top oil companies. The report highlights the increasingly marginalized position of the traditional private oil majors, and growing global market dominance of majority state-owned companies. This trend towards nationalization and state control of increasingly scarce resources has a number of powerful implications.

A number of important developments in the global energy markets over the past few weeks:

-an IEA report finds that the world's oil output is declining at a rapid pace. The annual rate of decline is projected at 9.1% without a substantial increase in upstream investment. Even after recent investment, output from the world's largest oil fields is falling by over 6%. As my analysis of Russian energy production highlighted, an increase in upstream investment is neither easy nor probable. Falling global demand will only lessen the incentive to invest more in production. With little excess capacity, and OPEC voluntarily cutting production (potentially by millions of barrels of day more in the coming months), the global oil markets risk renewed volatility when demand recovers.

-Russia and China signed a landmark oil pipeline agreement on October 28th. The addition to the East Siberia-Pacific ocean trunk pipeline could ultimately carry up to 15 million tons of Russian oil to China per year. The agreement is significant on two levels: it signals Russia's desire to pursue the "China alternative", and it could portend a greater financial role for China in Russia's energy sector.

-finally, we might look back on October 13th as the beginning of a new era in European energy. The Times of London is reporting that the bloc will announce a European Energy Security Plan. The plan calls for: 1) the construction of a European supergrid, connecting power grids from North Sea wind farms to the Baltics, 2) the construction of two new gas pipelines, connecting Caspian and African gas to the bloc, and 3) a "Community Gas Ring", which would essentially allow for the pooling of European gas supplies in the event of supply disruptions. These measures will directly address import diversification (particularly in natural gas, and specifically away from Russia), security of supply issues, and fragmented national power grids.

This is a highly ambitious plan, and in my opinion, one that has absolutely no chance of being carried out in its entirety. The pipelines just aren't commercially viable yet. Furthermore, the national regulatory and interest-group challenges to EU-wide liberalization in the energy sector are formidable, and to date have blocked any substantive effort towards a single European energy market. The political will simply isn't there in France/Germany/Italy, and national interests always trump regional considerations in European energy. Despite my pessimism, the Plan is an important development, if for only one reason: it coincides with the resumption of talks between the EU and Russia over their economic and energy relationship. It looks like the EU may have finally come around to playing hard ball with Russia, and utilizing its leverage over Russian security of demand. Stay tuned for updates on these discussions over the coming weeks.