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Friday, February 5, 2010

Global stock markets fell steeply on Thursday on investor concerns about the growing sovereign debts of European Union member states Greece, Portugal, and Spain. A report of a rise in weekly jobless claims in the United States contributed to the market gloom. The MSCI World index fell the most in over nine months. Currency and commodities markets also posted major moves.

The euro fell more than one percent against the US dollar to an eight-month low; against the yen it fell 2.2%, approaching a one-year low. The price of crude oil fell 5% to US$73.14 per barrel and gold slid 4.4% to US$1,063 per ounce.

Greece’s Prime Minister, George Papandreou, announced an austerity program, but that is now threatened by plans by the largest trade union for a national strike. In 2009, Greece’s budget deficit was 12.7% of the nation’s gross domestic product (GDP). Papandreou’s plan called for that to drop to 3% by 2012.

Gary Jenkins of Evolution Securities told the Financial Times, “[t]he risk aversion trade is back on as the debt problems of Europe are for the first time bringing down global markets. Corporate earnings may come in strongly [in the US], but investors are more concerned about the possible default of a sovereign European nation.”

“This is a sovereign problem, and it’s hitting everything,” said Keith Springer of Capital Financial Advisory Services to Reuters. “If other European countries are having trouble like Greece, then it’s a big problem for banks, and the banks are the foundation for everything. European banks will be in trouble and that will carry over to all stocks.”

“The focus is shifting toward Spain and Portugal, where the deficit-reduction plans have been far less ambitious than Greece,” said Kornelius Purps of UniCredit Markets & Investment Banking to Bloomberg.

Concerns in Portugal centered on political tension surrounding a regional spending bill. In Spain, the source of worry was reportedly because the government backed down from promised pension reform.

European Central Bank President Jean-Claude Trichet sought to ease investor fears, in part by noting that the deficit in the US is expected to hit 10% of GDP in 2010, compared with about 6% in the eurozone. He said that he was “confident” that Greece is moving in the right direction.

Trichet did admit that it is of “paramount importance” for Greece, Portugal and Spain to get their public finances under control.

Saturday, October 14, 2006

An American inventor has patented a pair of new time formats with a footprint less than 50% of that of conventional four-digit time. The more unusual of the two new formats, called “TWELV”, dispenses with numerals altogether. In place of clock hands or digits, the new clock uses color to convey the hour and a moon image to convey the minute, which moon slowly grows throughout the course of an hour from a narrow crescent to a full-fledged circle.

The second and more approachable of the new formats retains numerical digits to indicate the minute but uses colors to convey the hour.

Early critics question whether the aesthetic benefits of the moon-clock will be sufficient to encourage users to learn the color-based time-telling system. However, the size advantages of the new system may make it particularly suitable for mobile applications, particularly cell phones, wearable computers, and head-mounted displays.

Tuesday, January 26, 2010

The health department in Guizhou province, China has ordered three batches of milk products to be removed from sale after the discovery they contain melamine. In 2008 six children were killed by milk contaminated with the chemical and 300,000 fell ill.

The department has suspended all sales from the three companies involved. Last November, two men were executed for their roles in selling milk tainted with the chemical, which was largely distributed by Samlu Corp, a company that has since been liquidised. The executed convicts mixed up batches totalling hundreds of tonnes of melamine-tainted milk, and were among 21 people successfuly prosecuted over the contamination. Chinese dairy products were withdrawn around the world.

The latest finds have gone unreported for nearly a year before a provincial news service reported on the tainted products from Shandong Zibo Lusaier Dairy Co., Liaoning Tieling Wuzhou Food Co. and Laoting Kaida Refrigeration Plant. This was then picked up today by China Daily, meaning it has only now come to the world’s attention. No specifics are available other than that popsicles are involved.

Early 2009 would place the discoveries and recalls shortly after the government anounced a crackdown on malpractice in the dairy industry. Recently, two other reports have emerged of tainted milk being discovered elsewhere in China, including Shanghai.

It is uncertain why this is only now becoming public knowledge, althought the Shanghai case was said to be complicated by crossing provincial borders. There, reports emerged on New Year’s Eve although the actual news dated back to April.

After the 2008 milk scandal new food safety legislation was passed. These new laws made room for more vigourous testing and stronger recall arrangements. The government made it clear that coverups were intolerable. At the time, 22 companies were indentified as being involved in melamine-contamination in milk.

Two dairies recently named in state media as behind more recent incidents were on that original list, including Laoting Kaida and Shanghai Panda Dairy Co. Media reports suggest that the newer problem may have been that milk containing melimine that was never destroyed from the original discovery was then repackaged.

The companies involved have stated that they bought in raw milk without realising it contained the poisonous chemical. China Daily quoted an official as saying the same thing. It also stated an ex-dairy industry official had said that it was probable that further milk containing illegally high levels of the substance remained available to the Chinese consumer.

News organisations have tried contacting the companies involved and authorities in Guizhou province but with little success. This trend was bucked by the Agence France-Presse, who reached Guizhou’s health department, only to be told the reports were not correct.

Melamine has a high nitrogen content which can make watered-down milk seem to contain extra protein. It is intended for use in manufacturing industries, in products such as concrete, plastic and fertiliser. Large quantities can cause kidney stones and kidney failure.

Saturday, October 6, 2007

Torbjorn Zetterlund is running for the Green Party of Ontario in the Ontario provincial election, in the Willowdale riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Sunday, October 10, 2010

Residents of a Leeds, England neighbourhood have requested help from a council because their neighbourhood is plagued by crime, overcrowding, and community tensions.

Leeds City Council received a request for help from residents of Hyde Park, who said they were worried about the increasing level of anti-social behavior and worsening community relations. A report will be unveiled on Wednesday by a council delegation, highlighting the problems in the area. “The people living in Hyde Park come from widely different population groups… these groups have very different customs, needs and living styles and this can provoke high levels of tension in the area,” the delegation said.

The council claims that because of the 28 per cent ethnic minority population and the 40,000 students living in the neighbourhood, there are tensions between residents. They added, however, that they are actively encouraging people to work together, citing a multi-faith forum, a cricket competition and activities which bring old and young together.

The report says that the council are trying to build relationships between Muslims and police, something which they said is “particularly important after the area’s connection to the London bombings on 7th July 2005.” A local newspaper reported that “the Shebab project introduces young Muslims to role models from sport and culture and also runs scholars’ talks to counter extremist ideologies.”

Crime has increased by 7% in the past year in Hyde Park, and residents noted that anti-social behaviour was getting worse. The council said that an anti-burglary task force had helped to reduce the number of thefts from homes. Residents complained that there was a lack of pride in the area, and at the end of the academic year in the summer, large piles of rubbish were left in streets, yards and alleyways. The report adds that the council operates a recycling scheme aimed towards teenagers, and that rubbish collections have increased.

The Guardian reported on Wednesday that campaigners are attempting to “take control of a derelict school building and transform it into a community hub are appealing for sponsors and partners in a bid to turn their dreams into reality.” They say that the unused building, owned by the council, could be used for meetings and events. A volunteer group of residents have been working on a business plan, and have gained support from local businesses to create “a vision of an open, accessible and valuable resource for all.”

A member of the commitee, however, said he was “frustrated” with the council’s attitude towards the plans. “The RPCC is slightly frustrated with certain communication issues that we’ve had with the council, but we’re working with them and hoping to gain further assistance going forward,” he said. “It’s a shame that certain setbacks could have been avoided.”

The deputation added that “a major factor in Hyde Park’s suffering is its high level of population density”, which they conceded is something they are unable to change. The council responded to complaints that streets are “cheap and unhealthy takeaways, letting agents and boarded-up shop fronts,” by saying that Hyde Park Corner and Headingley are, according to the Yorkshire Post, “thriving shopping areas and work had taken place to ensure a good mix of outlets.”

The report concludes: “The council acknowledges that because of the very particular circumstances which exist in the neighbourhood, Hyde Park faces difficult challenges which affect the quality of life of residents and that ‘normal’ service levels may not be sufficient to tackle some of these. The council will do more to enable local people to influence how services work and how local problems are tackled. Local community and voluntary groups will be invited to play an active role.”

Monday, January 4, 2010

The United States and the United Kingdom closed their embassies in Yemen Sunday, pointing to ongoing terrorist threats. The closures came after the two nations pledged to boost counter-terrorism support to the Yemeni government.

The American embassy’s website said the threats come from al-Qaeda in the Arabian Peninsula, the group linked to the failed Christmas Day airplane bombing attempt in the United States. The message in part said, “The U.S. Embassy in Sana’a is closed today, January 3, 2010, in response to ongoing threats by Al-Qaeda in the Arabian Peninsula (AQAP) to attack American interests in Yemen.”

Further adding, “On December 31, the U.S. Embassy sent a warden message to Americans citizens in Yemen to remind them of the continuing threat of terrorist actions and violence against American citizens and interests throughout the world. The U.S. Embassy reminds U.S. citizens to maintain a high level of vigilance and to practice enhanced security awareness.”

Deputy National Security Advisor for Homeland Security and Counterterrorism John O. Brennan said on CNN’s State of the Union with John King, “There are indications that al Qaeda is planning to carry out an attack against a target inside of Sana’a, possibly our embassy.” Brennan added, “And what we do is to take every measure possible to ensure the safety of our diplomats and citizens abroad, so the decision was made to close the embassy.”

A spokesperson for the British Foreign Office said their embassy would be closed on Sunday and a decision to reopen would be made on Monday.

The closures come a day after U.S. General David Petraeus visited the capital, Sana’a, to discuss security issues with President Ali Abdullah Saleh. The general, who oversees the U.S. wars in Afghanistan and Iraq, recently announced that the United States would more than double its security aid to the impoverished nation.

The United States gave $67 million last year to Yemen, the only country that receives more aid is Pakistan with $112 million, according to the Associated Press.

Yesterday, in his weekly radio address, President Barack Obama linked the suspect in the attempted bombing of Northwest Airlines Flight 253 to al-Qaeda saying, “We know that he traveled to Yemen, a country grappling with crushing poverty and deadly insurgencies. It appears that he joined an affiliate of al-Qaeda, and that this group, al-Qaeda in the Arabian Peninsula, trained him, equipped him with those explosives and directed him to attack that plane headed for America.”

Obama annouced, “So, as President, I’ve made it a priority to strengthen our partnership with the Yemeni government-training and equipping their security forces, sharing intelligence and working with them to strike al-Qaeda terrorists.”

Obama said that they had already results prior to the Christmas Day bombing attempt saying, “So, as President, I’ve made it a priority to strengthen our partnership with the Yemeni government-training and equipping their security forces, sharing intelligence and working with them to strike al-Qaeda terrorists.”

Britain has also announced plans to join with the United States in funding a counter-terrorism police unit in Yemen, as well as plans to hold an international conference on Yemeni security later this month.

Earlier today, British Prime Minister Gordon Brown told the BBC, “This is a new type of threat and it is from a new source which is obviously Yemen, but there are many other potential sources Somalia, as well as Afghanistan and Pakistan.”

Editor Hakim Almasmari, of the Yemen Post newspaper, thinks the conference might be advantageous if it results in more development projects for rural Yemen. However, he fears what any foreign-backed military attacks could mean.

“Al-Qaeda right now is not very strong,” Almasmari said. “Its followers are not more than 400 in all. However, if the U.S. does attack Yemen, al-Qaeda will get stronger and stronger because people who lose their families in the airstrikes will join al-Qaeda not because they want to but because they want revenge against the Americans and the Yemeni government for the attacks.”

The situation has gained new urgency as the government in Sana’a finds itself overwhelmed not only by the growing terrorist threat, but also two separate rebellions, one of which has become something of a proxy war, at least in rhetoric, between Iran and Saudi Arabia.

U.S. military experts have warned that vast reaches of the impoverished nation, with its booming population and dwindling resources, could spin permanently out of the government’s control.

Militant groups from Somalia said that they would send fighters to help aid al-Qaeda in Yemen. Yemen has vowed to keep foreign extremists out.

The U.S. embassy has faced attacks from the local al-Qaeda group before, with an assault outside its gates in 2008 that left 19 people – civilians and militants – dead.