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Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng

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Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng

This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Contents

  • 1 Interview
    • 1.1 About Wayne Tseng, his team and his plans
    • 1.2 About multi-cultural aspects of Melbourne
    • 1.3 Further thoughts
  • 2 Sister links
  • 3 Sources
  • 4 External links
Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_2020_Melbourne_Lord_Mayor_Candidate_Wayne_Tseng&oldid=4598699”
  • 3 Feb, 2021
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Interview with Reggie Bibbs on his life with neurofibromatosis

Friday, December 14, 2007

Neurofibromatosis (NF) is a genetic condition causing benign tumors (neurofibromas) to grow along certain types of nerves and, in addition, it can affect the development of bones or skin. There are several variants of the disease but type 1 and type 2 NF account for the vast majority of cases.

The disease manifestations can vary from very mild to severe. Major symptoms include growths on and under the skin; skin pigmentations called café au lait spots in type 1; acoustic nerve tumors and consequent hearing loss in type 2. Growths can affect nearly all parts of the body, and pressure on nearby structures can cause a wide variety of complications. There is a small risk that the tumors transform into malignant cancerous lesions.

NF is one of the most common single-gene human diseases; around 1 in 2,500-4,000 live births are affected by NF-1, whereas NF-2 occurs in about 1 in 50,000-120,000. Both type 1 and 2 are autosomal dominant conditions, meaning that only one copy of the mutated gene need be inherited to pass the disorder. A child of a parent with neurofibromatosis and an unaffected parent will have a 50% chance of inheriting the disorder. The gene responsible for NF-1 and possibly NF-2 is thought to function as a tumor suppressor gene.

In most cases of neurofibromatosis 1, patients can live normal and productive lives. In about 25-40% of patients there is an associated learning disability with or without ADHD. In some cases of neurofibromatosis 2, the damage to nearby vital structures, such as the cranial nerves and the brainstem, can be life-threatening. When tumors are causing pain or disfiguration, surgery is thus far the only proven beneficial treatment option.

Reggie Bibbs is a 43-year-old-man living in Houston, Texas. Mr Bibbs was born with a genetic disease called neurofibromatosis (NF), which causes him to develop tumors on his body (see infobox on the right). NF can be a subtle disease, but in Bibbs’ case it has left him with a disfigured face and deformed leg. But he is happy with the way he looks, and doesn’t want to change his appearance to please other people. He has launched a successful campaign entitled “Just Ask”, and that’s just what Wikinews did in a video-interview.

The interview was prepared by Wikinews reporter Michaël Laurent with the help of Bertalan Meskó (who has a popular genetics and web 2.0 blog). Their questions were sent to a close friend of Mr. Bibbs, Lou Congelio, who kindly conducted the interview.

Contents

  • 1 Infobox: What is neurofibromatosis?
  • 2 The interview
    • 2.1 On neurofibromatosis
    • 2.2 Growing up
    • 2.3 A head to toe body tour
    • 2.4 The daily life of Reggie Bibbs
    • 2.5 Raising awareness and his campaign
    • 2.6 Sources
    • 2.7 External links

Retrieved from “https://en.wikinews.org/w/index.php?title=Interview_with_Reggie_Bibbs_on_his_life_with_neurofibromatosis&oldid=4567787”
  • 2 Feb, 2021
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Food with cancer-causing dye recalled in Britain

Saturday, April 30, 2005

The British Food Standards Agency (FSA) has announced a recall of foods containing banned dyes which increase the risk of cancer. The food products were sold at the Tesco, Waitrose, and Somerfield supermarkets.

A Bristol company called “Barts Spices” found the illegal Para Red substance in their Barts Ground Paprika, which was sold in 48g and 46g jars with a “Co-op” label. The batch codes on the affected products are 5032 and 5089 (expiration Dec 2007), and 5075 (expiration February 2007).

Tesco also found that their 130g package of BBQ rice cakes (expiration November and December 2005) contained both Para Red and Sudan I.

“It would be very prudent to assume that it could be a genotoxic carcinogen,” FSA scientific advisers told reporters.

“As a company committed to supplying only the very finest quality food ingredients, we took the immediate decision to withdraw our ground paprika spice from all outlets selling the product and advertised a product recall in the national press,” a Barts Spices spokesman said in a statement.

Sudan I is only authorized for industrial use to colorize petroleum products, such as shoe polish. Para Red and Sudan I are banned under the British Colours in Food Regulations of 1995.

Britain last went through a major food recall in February, when Worcester Sauce was found to contain chili powder dyed with Sudan 1.

Retrieved from “https://en.wikinews.org/w/index.php?title=Food_with_cancer-causing_dye_recalled_in_Britain&oldid=1972969”
  • 31 Jan, 2021
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A portrait of Scotland: Gallery reopens after £17.6 million renovation

Thursday, December 1, 2011

Today saw Edinburgh’s Scottish National Portrait Gallery reopen following a two-and-a-half-year, £17.6m (US$27.4m) refurbishment. Conversion of office and storage areas sees 60% more space available for displays, and the world’s first purpose-built portrait space is redefining what a portrait gallery should contain; amongst the displays are photographs of the Scottish landscape—portraits of the country itself.

First opened in 1889, Sir Robert Rowand Anderson’s red sandstone building was gifted to the nation by John Ritchie Findlay, then-owner of The Scotsman newspaper and, a well-known philanthropist. The original cost of construction between 1885 and 1890 is estimated at over 70,000 pounds sterling. Up until 1954, the building also housed the Society of Antiquaries of Scotland who moved to the National Museum of Scotland buildings on Chambers Street. The society’s original meeting table now sits in the public part of the portrait gallery’s library, stared down on by an array of busts and phrenological artefacts.

Wikinewsie Brian McNeil, with other members of the press, received a guided tour of the gallery last Monday from Deputy Director Nicola Kalinsky. What Kalinsky described as an introduction to the gallery that previously took around 40 minutes, now takes in excess of an hour-and-a-half; with little in the way of questions asked, a more inquisitive tour group could readily take well over two hours to be guided round the seventeen exhibitions currently housed in the gallery.

A substantial amount of the 60% additional exhibition space is readily apparent on the ground floor. On your left as you enter the gallery is the newly-fitted giant glass elevator, and the “Hot Scots” photographic portrait gallery. This exhibit is intended to show well-known Scottish faces, and will change over time as people fall out of favour, and others take their place. A substantial number of the people now being highlighted are current, and recent, cast members from the BBC’s Doctor Who series.

The new elevator (left) is the most visible change to improve disabled access to the gallery. Prior to the renovation work, access was only ‘on request’ through staff using a wooden ramp to allow wheelchair access. The entire Queen Street front of the building is reworked with sloping access in addition to the original steps. Whilst a lift was previously available within the gallery, it was only large enough for two people; when used for a wheelchair, it was so cramped that any disabled person’s helper had to go up or down separately from them.

The gallery expects that the renovation work will see visitor numbers double from before the 2009 closure to around 300,000 each year. As with many of Edinburgh’s museums and galleries, access is free to the public.

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The expected significant increase in numbers has seen them working closely with the National Museum of Scotland, which was itself reopened earlier this year after extensive refurbishment work; improved access for wheelchair users also makes it far easier for mothers with baby buggies to access the gallery – prompting more thought on issues as seemingly small as nappy-changing – as Patricia Convery, the gallery’s Head of Press, told Wikinews, a great deal of thought went into the practicalities of increased visitor numbers, and what is needed to ensure as many visitors as possible have a good experience at the gallery.

Press access to the gallery on Monday was from around 11:30am, with refreshments and an opportunity to catch some of the staff in the Grand Hall before a brief welcoming introduction to the refurbished gallery given by John Leighton, director of the National Galleries of Scotland. Centre-stage in the Grand Hall is a statue of Robert Burns built with funds raised from around the British Empire and intended for his memorial situated on Edinburgh’s Calton Hill.

The ambulatories surrounding the Grand Hall give the space a cathedral-like feel, with numerous busts – predominantly of Scottish figures – looking in on the tiled floor. The east corner holds a plaque commemorating the gallery’s reopening, next to a far more ornate memorial to John Ritchie Findlay, who not only funded and commissioned the building’s construction, but masterminded all aspects of the then-new home for the national collection.

Split into two groups, members of the press toured with gallery Director James Holloway, and Nicola Kalinsky, Deputy Director. Wikinews’ McNeil joined Kalinsky’s group, first visiting The Contemporary Scotland Gallery. This ground-floor gallery currently houses two exhibits, first being the Hot Scots display of photographic portraits of well-known Scottish figures from film, television, and music. Centre-stage in this exhibit is the newly-acquired Albert Watson portrait of Sir Sean Connery. James McAvoy, Armando Iannucci, playwright John Byrne, and Dr Who actress Karen Gillan also feature in the 18-photograph display.

The second exhibit in the Contemporary gallery, flanked by the new educational facilities, is the Missing exhibit. This is a video installation by Graham Fagen, and deals with the issue of missing persons. The installation was first shown during the National Theatre of Scotland’s staging of Andrew O’Hagan’s play, The Missing. Amongst the images displayed in Fagen’s video exhibit are clips from the deprived Sighthill and Wester-Hailes areas of Edinburgh, including footage of empty play-areas and footbridges across larger roads that sub-divide the areas.

With the only other facilities on the ground floor being the education suite, reception/information desk, cafe and the gallery’s shop, Wikinews’ McNeil proceeded with the rest of Kalinsky’s tour group to the top floor of the gallery, all easily fitting into the large glass hydraulic elevator.

The top (2nd) floor of the building is now divided into ten galleries, with the larger spaces having had lowered, false ceilings removed, and adjustable ceiling blinds installed to allow a degree of control over the amount of natural light let in. The architects and building contractors responsible for the renovation work were required, for one side of the building, to recreate previously-removed skylights by duplicating those they refurbished on the other. Kalinsky, at one point, highlighted a constructed-from-scratch new sandstone door frame; indistinguishable from the building’s original fittings, she remarked that the building workers had taken “a real interest” in the vision for the gallery.

The tour group were first shown the Citizens of the World gallery, currently hosting an 18th century Enlightenment-themed display which focuses on the works of David Hume and Allan Ramsay. Alongside the most significant 18th century items from the National Portrait Gallery’s collection, are some of the 133 new loans for the opening displays. For previous visitors to the gallery, one other notable change is underfoot; previously carpeted, the original parquet floors of the museum have been polished and varnished, and there is little to indicate it is over 120 years since the flooring was originally laid.

Throughout many of the upper-floor displays, the gallery has placed more light-sensitive works in wall-mounted cabinets and pull-out drawers. Akin to rummaging through the drawers and cupboards of a strange house, a wealth of items – many previously never displayed – are now accessible by the public. Commenting on the larger, featured oils, Deputy Director Kalinsky stressed that centuries-old portraits displayed in the naturally-lit upper exhibitions had not been restored for the opening; focus groups touring the gallery during the renovation had queried this, and the visibly bright colours are actually the consequence of displaying the works in natural light, not costly and risky restoration of the paintings.

There are four other large galleries on the top floor. Reformation to Revolution is an exhibition covering the transition from an absolute Catholic monarchy through to the 1688 revolution. Items on-display include some of the Scottish National Portrait Gallery’s most famous items – including Mary Queen of Scots and The Execution of Charles I. The portrait-based depiction of this historical age is complemented with prints, medals, and miniatures from the period.

Imagining Power is a Jacobite-themed exhibition, one which looks at the sometime-romanticised Stuart dynasty. The Gallery owns the most extensive collection of such material in the world; the portraiture that includes Flora MacDonald and Prince Charles Edward Stuart is complemented by glassware from the period which is on-loan from the Drambuie Liqueur Company which Kalinsky remarked upon as the only way Scots from the period could celebrate the deposed monarchy – toasting The King over the Water in appropriately engraved glasses.

On the other side of the upper floor, the two main naturally-lit exhibitions are The Age of Improvement, and Playing for Scotland. The first of these looks at societal changes through the 18th and 19th centuries, including Nasmyth’s 1787 portrait of the young Robert Burns and – well-known to past visitors to the portrait gallery – Raeburn’s 1822 depiction of Sir Walter Scott. These are complemented with some of the National Gallery’s collection of landscapes and earliest scenes from Scottish industry.

Playing for Scotland takes a look at the development of modern sports in the 19th century; migration from countryside to cities dramatically increased participation in sporting activities, and standardised rules were laid down for many modern sports. This exhibition covers Scotland’s four national sports – curling, shinty, golf, and bowls – and includes some interesting photographic images, such as those of early strong-men, which show how more leisure time increased people’s involvement in sporting activities.

Next to the Reformation to Revolution gallery is A Survey of Scotland. Largely composed of works on-loan from the National Library of Scotland, this showcase of John Slezer’s work which led to the 1693 publication of Theatrum Scotiae also includes some of the important early landscape paintings in the national collection.

The work of Scotland’s first portrait painter, the Aberdeen-born George Jamesone, takes up the other of the smaller exhibits on the east side of the refurbished building. As the first-ever dedicated display of Jamesone’s work, his imaginary heroic portraits of Robert the Bruce and Sir William Wallace are included.

On the west side of the building, the two smaller galleries currently house the Close Encounters and Out of the Shadow exhibits. Close Encounters is an extensive collection of the Glasgow slums photographic work of Thomas Annan. Few people are visible in the black and white images of the slums, making what were squalid conditions appear more romantic than the actual conditions of living in them.

The Out of the Shadow exhibit takes a look at the role of women in 19th century Scotland, showing them moving forward and becoming more recognisable individuals. The exceptions to the rules of the time, known for their work as writers and artists, as-opposed to the perceived role of primary duties as wives and mothers, are showcased. Previously constrained to the domestic sphere and only featuring in portraits alongside men, those on-display are some of the people who laid the groundwork for the Suffrage movement.

The first floor of the newly-reopened building has four exhibits on one side, with the library and photographic gallery on the other. The wood-lined library was moved, in its entirety, from elsewhere in the building and is divided into two parts. In the main public part, the original table from the Society of Antiquaries sits centred and surrounded by glass-fronted cabinets of reference books. Visible, but closed to public access, is the research area. Apart from a slight smell of wood glue, there was little to indicate to the tour group that the entire room had been moved from elsewhere in the building.

The War at Sea exhibit, a collaboration with the Imperial War Museum, showcases the work of official war artist John Lavery. His paintings are on-display, complemented by photographs of the women who worked in British factories throughout the First World War. Just visible from the windows of this gallery is the Firth of Forth where much of the naval action in the war took place. Situated in the corner of the room is a remote-controlled ‘periscope’ which allows visitors a clearer view of the Forth as-seen from the roof of the building.

Sir Patrick Geddes, best-known for his work on urban planning, is cited as one of the key influencers of the Scottish Renaissance Movement which serves as a starting point for The Modern Scot exhibit. A new look at the visual aspects of the movement, and a renewal of Scottish Nationalist culture that began between the two World Wars, continuing into the late 20th century, sees works by William McCance, William Johnstone, and notable modernists on display.

Migration Stories is a mainly photographic exhibit, prominently featuring family portraits from the country’s 30,000-strong Pakistani community, and exploring migration into and out of Scotland. The gallery’s intent is to change the exhibit over time, taking a look at a range of aspects of Scottish identity and the influence on that from migration. In addition to the striking portraits of notable Scots-Pakistani family groups, Fragments of Love – by Pakistani-born filmmaker Sana Bilgrami – and Isabella T. McNair’s visual narration of a Scottish teacher in Lahore are currently on-display.

The adjacent Pioneers of Science exhibit has Ken Currie’s 2002 Three Oncologists as its most dramatic item. Focussing on Scotland’s reputation as a centre of scientific innovation, the model for James Clerk Maxwell’s statue in the city’s George Street sits alongside photographs from the Roslin Institute and a death mask of Dolly the sheep. Deputy Director Kalinsky, commented that Dolly had been an incredibly spoilt animal, often given sweets, and this was evident from her teeth when the death mask was taken.

Now open daily from 10am to 5pm, and with more of their collection visible than ever before, the Scottish National Portrait Gallery will change some of the smaller current exhibits after 12 to 18 months on display. The ground-floor information desk has available five mini-guides, or ‘trails’, which are thematic guides to specific display items. These are: The Secret Nature trail, The Catwalk Collection trail, The Situations Vacant trail, The Best Wee Nation & The World trail, and The Fur Coat an’ Nae Knickers Trail.

Retrieved from “https://en.wikinews.org/w/index.php?title=A_portrait_of_Scotland:_Gallery_reopens_after_£17.6_million_renovation&oldid=4513140”
  • 24 Jan, 2021
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Category:Saturn (planet)

This is the category for Saturn, the sixth planet from the sun in the solar system.

Refresh this list to see the latest articles.

  • 8 July 2011: Cassini spacecraft captures large storm on Saturn
  • 23 June 2011: Saturn moon Enceladus may have salty ocean
  • 19 December 2009: NASA flyby of Saturn moon Titan produces first image of liquid on another world
  • 7 October 2009: New ring discovered around Saturn, could explain dark side of its moon
  • 22 September 2009: Images show new dimension to Saturn’s rings
  • 25 June 2009: Saturn moon may contain liquid water
  • 22 November 2008: Saturn’s rings are much older than previously thought
  • 11 August 2008: Wikinews Shorts: August 11, 2008
  • 28 March 2008: Cassini discovers organic material on Saturn moon
  • 21 March 2008: Scientists say that a ‘global layer of water’ exists on Saturn’s moon Titan
?Category:Saturn (planet)

From Wikinews, the free news source you can write.


Saturn, photographed by Cassini in 2004. Image: NASA.


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  • 23 Jan, 2021
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New stadium in Auckland for 2011 rugby world cup preferred by NZ government

Friday, November 10, 2006

The New Zealand government has said that it prefers building a new stadium at Auckland’s waterfront to host the grand final of the 2011 rugby world cup, instead of upgrading Auckland’s current stadium, Eden Park.

The preference was made public by the Honourable Trevor Mallard who is the minister for the rugby world cup that will be hosted in New Zealand in 2011.

The new stadium hasn’t yet been confirmed and is awaiting November 24, which is the date when the Auckland council will give the government their views on the two options available to them; waterfront or upgrade.

According to Mr Mallard the waterfront will cost altogether around NZ$497 million compared to the cost of an upgrade of Eden Park of $385 million. However that pricing is only based on concept drawings at this point in time. The government will provide half of the funding for the waterfront stadium but they will only provide funding for the Eden Park upgrade if it was considered to be for regional purposes and not a national stadium.

Mr Mallard said: “The government has decided that a waterfront location is the option that can most meaningfully contribute to the Government’s vision for Auckland as a truly world-class, international city. This has been a finely balanced call with little difference between the two options in terms of cost and construction timelines. Advice from the experts shows that both can be delivered on time.”

The greatest concern facing the government is if they will be able to build the new stadium in time but construction will being in December 2007 to be finished by 2010, and also investigators said that it would be possible. “We have had advice from Australasia’s leading stadium designers, engineers, architects and construction experts. There is a unanimous view that the waterfront stadium is a challenge, but eminently achievable,” Mr Mallard said.

“In making its decision, the government believes that a sports stadium has the ability to contribute to the identity of Auckland and New Zealand. A national stadium will be as much a focal point of Auckland’s landscape as Rangitoto or the Sky Tower. We also believe the construction of an iconic facility such as this will help drive Auckland’s aspirations for the development of the waterfront and CBD.”

Referring to the upgrade of Eden Park, Mr Mallard said: “One of the greatest concerns is that its application for consents has unacceptable uncertainty as to the timing and outcome of the consents within the construction time available. There is also risk around the lack of flexibility in a residential area around construction times, should delays or problems with construction arise.”

The government will also need to pass a special bill that will enable them to build the required options because of consent issues.

The government had also considered these following options: Eden Park (various options), CBD waterfront (various options), North Harbour Stadium, Manukau Harbour (adjoining Westfield station), The former Carlaw Park, Mt Smart Stadium, Avondale Racecourse, The Auckland Domain and Jade Stadium.

Retrieved from “https://en.wikinews.org/w/index.php?title=New_stadium_in_Auckland_for_2011_rugby_world_cup_preferred_by_NZ_government&oldid=439203”
  • 23 Jan, 2021
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Forex Trading Course Don’t Wasting Your Time On Pointless Lessons

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Forex Trading Course – Don’t Wasting Your Time On Pointless Lessons

by

Matthew John

If you have any interest to study forex trading from the very basic to the advance level, the best alternative is taling a good forex trading course. Finding forex trading lessons at the internet is really easy, but you finding the real one won’t be easy task. After all, wasting time by studying methods that doesn’t works or a course that only has abstract idea without real to-do-list are will make you lose motivation quickly.

When you choose a forex trading course, make sure it has these features:

1. Teach the Basics

No one can start from advanced level. If your lessons suddendly jump to any complicated indicators or scalping system, return it immediately. Your course ought to teach you how to develop your trading skills from scratch and familiarizes you with numerous aspects of basic forex trading like charting, indicator, leverage, trading account, online broker, etc.

In my opinion, learning by doing is the best approach. Look for a course that teaches you how to open a demo/practice/dummy account in an online forex broker and getting used to a trading platform. After that, you can learn to use various features of the trading platform such as chart, make an entry, place stop loss order, read news, etc.

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2. Have a Great Trading System

Enter the market without proper preparations is not something that will be taught by a good forex trading course. There are many types of analysis and tactics in forex trading and each of them is good in a specific situation. Applying these strategies and analysis correctly is the key to successful trading system.

A good trading system contains specific strategies based on certain analysis to make profitable entry and exit decision. This system must have tested against historical market data and present market movement to demonstrate its efficiency.

3. Teach Risk Management Strategy

Even with a good trading system, it always possible that the market will move against your prediction. In your lessons, you should be taught about solving this problem by applying various risk management methods. There are many forms of risk management methods, but at the very least it should teach you how to place stop loss and take profit order. Applying these methods will reduce the risks from emotion factor; something that have caused many traders fall.

4. Giving Examples or Proof

An excellent forex trading course won t only teach empty theories that is not applicable in the real market. It have to show some proof or provide video examples on how the system being applied and gain profits. It is even better if the system have some positive testimonials from people who actually used it.

5. Offering Money back Guarantee

A great course must be confident enough that its system and learning material can help you to become a much better trader. This confidence can be reflected in the form of 100% money back guarantee. If you have studied it and don t think that it have that much value, you can always ask your money back.

Getting a great forex trading course is the first task to become a successful trader who know precisely the best way to study the market and take profits from it. In the future, it’s possible to include different forex software to your trading system and evolve it further.

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Article Source:

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  • 18 Jan, 2021
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Wikinews Shorts: April 17, 2007

A compilation of brief news reports for Tuesday, April 17, 2007.

Contents

  • 1 Trial of Jose Padilla under way in Florida
  • 2 North Korea may be shutting down nuclear reactor
  • 3 China mine explosion traps 33 underground
  • 4 Excessive bacon bad for lungs, says academic study
  • 5 E-mail circulating UK Holocaust denial in schools is a hoax
  • 6 U.S. web broadcasters face steep royalty increases
  • 7 Trial in Italy begins for US soldier
Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_Shorts:_April_17,_2007&oldid=4579223”
  • 15 Jan, 2021
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Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

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Category:June 9, 2010

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