Wikinews’ overview of the year 2007

Monday, December 31, 2007

What would you tell your grandchildren about 2007 if they asked you about it in, let’s say, 20 year’s time? If the answer to a quiz question was 2007, what would the question be? The year that you first signed on to Facebook? The year Britney Spears and Amy Winehouse fell apart? The year author Kurt Vonnegut or mime Marcel Marceau died, both at 84?

Let’s take a look at some of the international stories of 2007. Links to the original Wikinews articles are in bold.

Friday, August 3, 2007

The Dow Jones Industrial Average fell more than 280 points, Friday, to 13181.91, just two weeks after soaring to a historic record of 14,000. Two other major indexes, the Nasdaq and the Standard and Poor 500, fell more than 2% in a widespread market sell-off.

Shares of Bear Stearns, the largest United States underwriter of mortgage bonds, fell 6.3% today, resulting from Standard and Poor’s altering its outlook toward the company to “negative” from “stable”. The investment banking firm recently saw two of its major hedge funds sink after exposure to the sub-prime mortgage decline. Standard and Poor’s report said the firm may have problems, including its hedge funds, that could hurt the firm “for an extended period.”

The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in the rest of the financial sector. Chief Financial Officer Sam Molinaro remarked that the credit market was in the worst condition he had seen in 22 years.

American Express shares fell 5.6%, while homebuilder Hovnanian Enterprises fell 9.4% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07% in the session after announcing plans to close most operations and lay off over 6000 employees. The company has also lost its lending license in four states including New York.

“It is with great sadness that American Home has had to take this action,” Chief Executive Michael Strauss said in a statement. “Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative.”

Analysts say that the weakness in the stock markets and economy in general could prompt the Federal Reserve to lower interest rates, consequently allowing inflation to rise, but that it would also support stocks and ease borrowing. The Fed has not changed interest rates since June 2006.

Saturday, October 22, 2016

The California Department of Justice on Wednesday released the warrant and affidavit of a criminal investigation of the Wells Fargo bank. The State of California served the warrant on October 5 to search the San Francisco headquarters of Wells Fargo for felonious activities related to identity theft.

The warrant said property to be seized at the bank’s San Francisco headquarters was related to the unauthorized creation of accounts by Wells Fargo employees including the names of individuals for the accounts; account information and fees; the names of employees and their managers who created accounts without the consent of the Wells Fargo customers in question; and all communications including emails referencing the unauthorised accounts.

California Attorney General Kamala Harris’s criminal probe is part of an increasing list of officials nationwide questioning the business practices of Wells Fargo such as California State Treasurer John Chiang who announced a one-year suspension of State investment with the bank on September 28; Illinois State Treasurer Mike Frerichs followed suit with a year-long ban on October 3; and Democratic United States Senators Bob Menendez of New Jersey, Jeff Merkley of Oregon, and Elizabeth Warren of Massachusetts, who wrote to the U.S. Security Exchanges Commission (SEC) suggesting investigation on September 29.

Saturday, March 15, 2008

A tornado, spawned from a large storm, has hit the United States city of Atlanta, Georgia, causing extensive damage throughout the city.

The National Weather Service confirmed Saturday morning that it was a tornado that struck the city. After reviewing the aftermath of the storm, they classified it as an EF2 tornado on the Enhanced Fujita scale. Atlanta mayor Shirley Franklin says she is beginning to apply for federal disaster aid.

There have been no confirmed deaths, but the mayor’s spokeswoman says there may be dead victims trapped within the ruins of a collapsed loft complex. The Fulton Cotton Mill Lofts are located in the historic Cabbagetown neighborhood, where at least 20 homes were destroyed. “It looks like a bomb went off, it looks like World War III,” said Mahsud Olufani, who has an art studio in the neighbourhood. “It’s a disaster area.”

At least 27 people suffered injuries, mostly cuts and bruises. One person is reported to be in critical condition. Grady Memorial Hospital, where many of the injured were taken, had suffered some window damage but was still operating. Around 50 people have been taken to a local Red Cross shelter for displaced residents.

The tornado struck during the semifinal game of the SEC Basktetball Tournament between Mississippi State and Alabama. Play was stopped with around 2 minutes to go in overtime when heavy wind could be heard outside with rippling of the roof. Damage was done to the roof as debris fell to the floor. No injuries were reported in the Dome. “I thought it was a tornado or a terrorist attack,” said Mississippi State guard Ben Hansbrough.

The storm arrived with little forewarning. A tornado warning was issued for the downtown area a few minutes before the storm hit. “Ironically, the guy behind me got a phone call saying there was a tornado warning,” said Lisa Lynn, who was attending the game at the Georgia Dome. “And in two seconds, we heard the noise and things started to shake. It was creepy.”

The CNN Center in downtown Atlanta was severely damaged, especially in the atrium, where the ravaged ceiling allowed water to pour in. Police closed several streets near the CNN Center because of the debris, which included power lines, billboards, and even office chairs.

The Omni Hotel, which is attached to the CNN Center, also sustained damage, with many of its windows shattered. Visitors at the hotel were evacuated to the exhibition hall at street level. “It was crazy. There was a lot of windows breaking and stuff falling,” said Terrence Evans, a valet at the hotel.

At Centennial Olympic Park, located near CNN and the Omni Hotel, two Olympic torch sculptures had fallen over, and a performance pavilion was destroyed. A high-rise dorm at Georgia State University was damaged by the tornado, as evidenced by a large hole in the building’s 14th floor. University students were evacuated on buses.

According to Georgia Power, more than 13,000 of their customers are currently without electricity. Crews are working to fix downed power lines, but they said it would be difficult with all the debris.

Another large storm, currently in Mississippi, is heading towards Atlanta, and is forecast to arrive around 3 p.m. National Weather Service meteorologist Mike Leary said Friday’s storm could be “nothing to compare with what’s coming in tomorrow”.

All downtown events scheduled to occur Saturday have been cancelled. This includes the city’s Saint Patrick’s Day parade. The remaining SEC tournament games are to be played at Georgia Tech‘s Alexander Memorial Coliseum, located in the undamaged midtown.

Friday, September 23, 2005

In a move aimed at curbing both population growth and preference for male children, the government of India has announced free and reduced cost education for girls.

The new program will offer free education at high school level to all girls of single child families. Those with two girls and no other children may receive discounts of up to 50%. As a continuation of India’s policy of promoting education, the program includes provisions for fellowships of US$ 45 per month for those undertaking post-graduate studies.

India faces problems with the balance of the sexes in the country; some areas have a ratio of 80 girls to every 100 boys due to selective abortions. Boys are more highly prized in Indian society and as a result, many couples will have additional children after a girl in an effort to produce a boy. In cases where the family already has one or two female children the likelihood of a female foetus being aborted is significantly higher.

Indian law already prohibits tests to determine the sex of an unborn child for this very reason; however, it is routine during medical examinations of the mother for the doctor to disclose the sex of the child.

Saturday, January 6, 2007

Jonny Reid, co-driver for the A1GP New Zealand team, today made history by driving the fastest over the 48-year-old Auckland Harbour Bridge, New Zealand, legally.

Mr Reid managed to drive the New Zealand’s A1GP car, Black Beauty at speeds over 160km/h seven times over the bridge. The New Zealand police had trouble using their speed radar guns to see how fast Mr Reid was going because of how low Black Beauty is, and the only time the police managed to clock Mr Reid was when he slowed down to 160km/h.

Black Beauty, like all the other A1 Grand Prix cars, is powered by a V8 engine, 3.4 litres and has a top speed of 300km/h. During the record attempt, it managed to get to 160km/h from zero in under three seconds.

The stunt was to promote the upcoming A1GP sixth round at Taupo in a couple of weeks, which Mr Reid will be racing because of his two wins at Indonesia, instead of other co-driver, Matt Halliday.

Mr Reid performed the record on the clipon lanes of the bridge which were closed at Christmas because the lanes were being resurfaced. The lanes will be open this Monday, January 8.

Mr Reid said the surface at the top of the bridge hadn’t been swept so it was quite slippery. “It was mega slippery at the top but we always knew that would be the situation and it was just great to show the public a little bit of what we were about.” However he also said that “It was fully under control.”

Mr Reid said the buzz from doing that, especially with the help from police, was huge. “I absolutely thrived on it. It was a very unique experience which you don’t come across every day. It was mega, it really was.”

Mr Reid assures everyone that the speeds he will be reaching in Taupo will be much, much faster than what he achieved today.

Once Mr Reid had finished crossing the bridge seven times, he finished with a few doughnuts.

Two cars were involved in a nose to tail crash on one of the northbound lanes trying to watch the action.