EUROPEANS FLOCK TO U.S. FOR CHRISTMAS SHOPPING

From USA Today:

Record numbers of Europeans are flocking to New York this fall — prime holiday shopping season — as the dollar sinks to new lows against the euro and British pound.

New York expects roughly 1 million western Europeans this month and December, 5% more than last year, says George Fertitta, CEO of tourism agency NYC & Co. Helping to boost Big Apple tourism: killer deals on merchandise because of an exchange rate that favors euros and pounds.

"A new class of Europeans are coming to America totally because of currency," says George Malkemus, president of luxury shoe retailer Manolo Blahnik USA.

Malkemus says he's selling more shoes from his Manhattan store than ever to Europeans despite there also being a London store. Shoppers can pay $600 for a pair of shoes that in London would cost the equivalent of $823.

Last week, the dollar sank to its lowest level ever against the euro, and to its lowest level against the pound in 26 years. One euro is worth $1.47. One pound is worth $2.06.

Foreigners also are snapping up U.S. real estate and could target U.S. companies if the dollar continues to erode, says Omer Esiner, a market analyst at currency trader Ruesch International.

NYC BOARD BANS TRANS FATS AT RESTAURANTS

The Board of Health in New York City voted unanimously to ban artery-clogging trans fats at restaurants. The ban will go into effect in July of 2007, at first eliminating trans fats only from cooking oils, then in July of 2008 the full ban eliminating trans fats from all foods will begin. From the AP article at Yahoo!:

Mayor Michael Bloomberg, who banned smoking in bars and restaurants during his first term, has dismissed cries that New York is crossing a line by trying to legislate diets.

"Nobody wants to take away your french fries and hamburgers — I love those things, too," he said recently. "But if you can make them with something that is less damaging to your health, we should do that."

Chicago is also considering its own trans fat law, which wouldn't ban the fats outright but would severely restrict the amount that kitchens can use. The measure would apply only to large restaurants, defined as those that make more than $20 million in sales per year.

Here is a pie chart from the U.S. Food and Drug Administration that shows the major sources of trans fat for American adults: