Monthly Archives: February 2019

Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Sunday, March 29, 2015

Harry Reid, Democratic Senator and current Senate Minority Leader, announced on Friday he will not run for re-election next year. Reid has represented the state of Nevada in the Senate since 1987. He has endorsed Senator Charles Schumer of New York to replace him as Democratic senate leader.

The announcement follows months of rumours regarding the senator’s retirement. Reid had denied that he would retire on numerous occasions, even after the rumours strengthened after he seriously injured himself exercising on January 1. The 75-year-old hurt ribs and an eye, suffering problems with his vision after the accident.

To the Los Angeles Times, Reid spoke about his endorsement of Charles Schumer to replace him. He said “Schumer, in 22 months, if he plays his cards right, should be able to do it[…] I told him if you need my help, you got it.” Another Senator talked about as a possible replacement is Dick Durbin, Senator from Illinois.

Reid made the announcement in a video. He said “The decision I made has absolutely nothing to do with my injury, and it has nothing to do with my being majority leader, and it certainly has nothing to do with my ability to be reelected, because the path to reelection is much easier than it probably has been any time that I’ve run for re-election”.

While Reid was giving a radio interview to Nevada Public Radio, President Barack Obama called in to pay tribute to the Senator. He said “Harry is unique and he’s got that curmudgeonly charm that is hard to replace. I’m going to miss him. But the good thing is that I’m going to leave this place at the same time.”

Reid is to serve the remaining 22 months of his term through the end of 2016. He served in the Senate from 1987, and before that in the House from 1983. He has held the position of Senate Democratic leader since 2005.

Wednesday, June 8, 2005

Copenhagen, Denmark – The Danish Integration Minister Rikke Hvilshøj’s car was set ablaze outside her family-home on the morning of Wednesday 8 June. From there, the fire spread to the family’s garage, and further on to the side of the house, damaging the roof above the kitchen and children’s room.

At the same time, an e-mail was sent to several media agencies, where a group calling themselves “Action Group Beate” claimed responsibility, saying it is a “protest against the racist immigrational laws of Denmark”. The police found the computer used for sending the mail within a few hours, and closed down the cybercafé whilst removing the computer.

Throughout the Danish political system politicians from both the ruling party and the opposition have expressed their outrage over the terrorism.

The insurance company is currently assessing the amount of damage done to the home, but so far they have made an estimate of £27.000, just for the house damages.

Wednesday, July 6, 2005

File:European-parliament-strasbourg.jpg

The European Parliament has rejected the directive on the patentability of computer-implemented inventions (software patent directive) sustained by lobbies of large software publicists such as the corporations Microsoft, Siemens, Nokia and Alcatel, grouped under the title of the European Information & Communications Technology Industry Association (EICTA, [1]). The directive involved the granting of software patents.

648 MEPs out of 680 rejected the text, 18 voted for and 14 abstained.

A rejection vote became the expected outcome when the European People’s Party, initially in favour of the directive, decided to reject it.

The European Greens, Socialist Group and European Liberal Democrat and Reform Party also voted for rejection of the directive for heterogeneous reason. Michel Rocard, author of a number of amendments to the original directive, said that the majority of the modifications were unlikely to be supported by the Commission and Council, with whom the Parliament would have had to enter a Conciliation procedure if it had voted for maintaining the directive in moditifed form. “Better have no text at all than a bad one”, he added.

Before the vote, Rocard pointed at the irritation of the Parliament towards the Commission: “There is collective anger throughout the Parliament because of the way the directive was handled by the Commission and the Council”.

During the debate on Tuesday, Commissioner Joaquín Almunia told MEPs: “Should you decide to reject the common position, the Commission will not submit a new proposal.”.

The rejection was welcomed by small and medium software companies, as well as by Free Software supporters. The Directive had been subject to an intense campaigning, within the Parliament, in the news media and on the Internet. The supporters of the Council position appear to have spent several ten millions, hiring prestigious PR agencies with at least 30-40 lobbyists who roamed the halls of the Parliament every day for 3 months, and many full-page advertisements in EU newspapers such as European Voice, EU Reporter etc. The opponents of software patentability (that is supporters of the position taken by the European Parliament in its 1st reading of 24 September 2003), coordinated under the roof of the Foundation for a Free Information Infrastructure (FFII), also had several lobbyists stationed in Brussels, conducted several conferences and demonstrations and published some newspaper advertisements, with a total budget of nearly 100,000 eur apart from countless unpaid working hours of a dedicated supporter base, consisting mainly of programmers and software entrepreneurs.

Saturday, March 27, 2010

A meeting in Brussels has produced a plan, supported by all 16 countries in the eurozone, to make available up to 22 billion euros in financing to support Greece, which is laden with debt.

The deal would come into force only if Greece was unable to borrow money from commercial lenders, and would require approval from all 16 eurozone countries. While no figures were included in the agreement, anonymous officials said the total package would be around 22 billion euros, of which European countries would provide two-thirds. The remainder would be supplied by the International Monetary Fund.

Germany and France were the architects of the document, which was subsequently approved by the other members of the eurozone. While it is seen as a partial retreat for countries such as France that previously opposed any IMF participation in the loans, it is nevertheless regarded as a breakthrough in negotiations. Germany had been insistent on relatively strong terms for the plan, a large amount of which was in the final version.

Despite the agreement, there are no plans for it to take immediate effect, as the Greek government has not requested financial aid, and officials said that they hoped the option would never have to be used. The president of the European Central Bank, Jean-Claude Trichet, said that “the mechanism decided today will not normally need to be activated.”

Thursday, April 3, 2008

A reporter from Wikinews recently interviewed Jim Babka, chair of Libertarian organization Downsize DC. The organization claims to have arranged for 22,158 people to send a message regarding the “American Freedom Agenda Act” proposed by Ron Paul, in addition to supporting many other laws. The full text of the interview can be found below.

Saturday, August 2, 2008

Reuters, AFP, the Associated Press are reporting that a gas explosion in a Turkish school killed at least seventeen girls Friday.

Reuters reports the initial death toll at sixteen, with 27 injured. The number of deaths later rose to 17 when a body was removed from the rubble. Two survivors were pulled from the rubble as rescuers worked into the night. One girl is still missing.

“We won’t stop until we find her,” village mayor Mehmet Demirgul, told the Associated Press.

About fifty students and teachers were in the school, where some had gathered on for Islamic study in the three-story structure in the village of Balcilar, near Taskent in the Konya province .

Merve Avci, a 13-year-old, slightly injured student spoke to the Anatolian news agency: “I was in the part of the building which didn’t collapse with five of my friends immediately after the explosion, and we felt flames rising from the downstairs to upper floors.”

Anatolian says that Avci was in the process of washing before pre-dawn prayers, when a noise in the building’s kitchen led Avci and some teacher to investigate. She says she saw a loose gas pipe before being ordered back to her room. She says she smelled gas coming from somewhere above her room before the explosion.

“We think the collapse was caused by a gas canister explosion in the building, given the burns on the injured,” Konya province health service official Galip Sef told Reuters.

Mayor Demirgul said a leak in a pipe carrying liquefied petroleum gas is the probable cause of the pre-dawn blast.

“We are hearing voices. I believe those inside the rubble will be saved,” Demirgul told reporters, according to the Associated Press and Reuters.

The Associated Press reports that a small portion of all three stories of the building were left standing. This is confirmed by images displayed on the Reuters website.

The building is owned by a religion foundation and is under investigation when Turkish authorities found an non-approved annex to the structure, according to AFP.

The explosion is unrelated to the bomb blast in northern Turkey on July 28.

Saturday, May 17, 2014

Power in India is set to transfer to the Bharatiya Janata Party (BJP) and the leader Narendra Modi following an election in the world’s largest democracy. The ruling Congress Party conceded defeat yesterday and BJP are set to win a healthy majority of seats. The success for the Hindu nationalist party in the election tracks predicted results from exit polls.

Following the victory, Modi posted on social networking site Twitter “India has won. Good days are about to come”. He then visited his mother to seek her blessing: he touched her feet, she put a vermillion mark on his head and gave him sweets. Thereafter, Modi travelled from his home in the Indian state of Gujarat to Delhi. In Delhi, a victory parade was held for Modi.

Conceding defeat, Sonia Gandhi from the Congress Party said: “We humbly respect the verdict of the people.”

US President Barack Obama and UK Prime Minister David Cameron have both congratulated Modi and invited him to visit Washington and London respectively. Nawaz Sharif, the prime minister of Pakistan, said BJP had won an “impressive victory”.

Modi has been Gujarat chief minister since 2001. Modi has been controversial since a violent riot erupted in Gujarat in 2002 which led to the death of about a thousand people, primarily Muslims. Modi’s critics allege he let the inter-religious violence happen without much effort to stop it. He was subsequently denied visas to travel to the United States, and the United Kingdom cut ties with him.

In 2012, a Special Investigations Team appointed by the Indian Supreme Court found no evidence for Modi’s role in the violence. Following this, the British high commissioner in India decided to reconnect with Modi and invite him to visit London to address the House of Commons. The United States has warmed up to Modi again and in February he met with Nancy Powell, the US ambassador to India. During the elections, Modi attempted to reassure Muslims that he would protect all religious groups in India, telling The Times of India: “I’ve to run the government. Governments run on the basis of Constitution. I believe a government has one religion and that’s India First”.

The outgoing Prime Minister Manmohan Singh released a statement: “As I have said on many occasions, my life and tenure in public office are an open book. I have always tried to do my best in serving this great nation of ours. In the last ten years, we as a country have seen many successes and achievements that we should be proud of. Today, India is a far stronger country in every respect than it was a decade ago.”

Monday, December 3, 2007

At Thanksgiving dinner David Shankbone told his white middle class family that he was to interview Reverend Al Sharpton that Saturday. The announcement caused an impassioned discussion about the civil rights leader’s work, the problems facing the black community and whether Sharpton helps or hurts his cause. Opinion was divided. “He’s an opportunist.” “He only stirs things up.” “Why do I always see his face when there’s a problem?”

Shankbone went to the National Action Network’s headquarters in Harlem with this Thanksgiving discussion to inform the conversation. Below is his interview with Al Sharpton on everything from Tawana Brawley, his purported feud with Barack Obama, criticism by influential African Americans such as Clarence Page, his experience running for President, to how he never expected he would see fifty (he is now 53). “People would say to me, ‘Now that I hear you, even if I disagree with you I don’t think you’re as bad as I thought,'” said Sharpton. “I would say, ‘Let me ask you a question: what was “bad as you thought”?’ And they couldn’t say. They don’t know why they think you’re bad, they just know you’re supposed to be bad because the right wing tells them you’re bad.”

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