Saturday, October 11, 2008

Relations between Iceland and the United Kingdom are deteriorating after the two nations fell out over the current financial crisis. When Iceland nationalised first Landsbanki and then Kaupthing Bank the Financial Services Authority only took on domestic assets, leaving British customers with subsidiary banks out of pocket. While Britain feels Iceland should also pay out to their citizens, Iceland blame the UK for triggering the crisis by using the Anti-terrorism, Crime and Security Act 2001 to freeze the UK assets of Icelandic banks.

UK Prime Minister Gordon Brown says Iceland should pay out up to €20,887 (£16,448) of UK investors’ money in the banks, particularly Icesave, an online company owned by Landsbanki which had around 300,000 accounts owned by UK customers. It will cost an estimated 2.4 billion pounds to compensate them, and it looks likely the UK will foot that bill.

Alistair Darling, the U.K. Chancellor of the Exchequer, has said that individuals with accounts will see their money again but other accounts are not guaranteed – leaving governmental, corporate and charitable deposits at risk of being lost. UK local authorities could lose £799 million.

“The prime minister made clear the behavior of the Icelandic authorities had been unacceptable, and we had found it very difficult to get information from them,” said Michael Ellam, a spokesperson for Brown. A delegation has been sent to Reykjavik from the UK to try and solve the dispute amicably.

However, fears that the crisis may escalate have led to the pound becoming heavily devalued. The pound hit its lowest level for five years versus the US dollar after Brown threatened to freeze the assets of all Icelandic companies in the UK, which employ around 100,000 people.

The last time the two nations had a dispute, dubbed the Cod Wars, was in the 1970s. Iceland declared an exclusive fishing zone and began to cut the nets of British trawlers entering the area. That dispute came to a head in 1976 when a UK naval vessel with nuclear arms rammed an Icelandic ship that had been cutting nets. After this a compromise was reached to allow a limited number of British ships in the area.

Wednesday, April 18, 2012

Authorities have confirmed that a student at Texas State Technical College-Marshall was found dead in his on-campus room around 9am CDT yesterday.

Emergency personnel were notified and CPR was performed on the student, without success. Authorities state that foul play is not suspected. Campus police and local law enforcement are conducting a full investigation. A campus representative told media sources that the cause of death has not yet been determined.

Just last year, a student at the college died from gunshot wounds he’d sustained while attending an event at a community center located on the outskirts of the city. Shortly following that incident, the school initiated a short-term controlled access plan, restricting much of the traffic into and out of the campus.

The school is one of several campuses in the TSTC system. According to a press release on the campus’s web site, the student’s name had not been yet released. The school is reportedly offering counseling sessions to all students throughout the week. A phone call to a campus representative made shortly before 4:00pm CDT was not immediately returned.

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.

Tuesday, January 24, 2006

Warner Bros. Entertainment (a division of Time Warner, Inc.) and CBS Corporation announced today the merger of their two struggling television networks together to form one jointly owned network which will debut this fall.

The new network, which is to be called CW (for CBS-Warner) will replace UPN and The WB networks, which will shut down. The network will be a 50-50 partnership between CBS and Warner Brothers. The network will be carried on stations owned by the Tribune Company, amongst others.

The merger is in response to the struggling of both networks, neither of which have attracted much viewership away from the big four networks since they being formed in the early 90s. However each have had some strengths. The WB has been more popular with younger viewers and has had hits with television shows Smallville and Gilmore Girls. UPN has recently received critical acclaim for its sitcom Everybody Hates Chris and World Wrestling Entertainment’s Smackdown! has been a mainstay since it debuted on the network. The new network’s schedule will be announced in May; until then the networks will operate their schedules independently. The new network is planning to target the 18-34 age bracket in prime time, and will contain both shows from the WB and UPN.

With UPN’s 12 affiliated station, together with Tribune’s 16 stations gives the new network coverage over half of the country. The Tribune stations that will be apart of the new network is WGN in Chicago, WB flagship station, WPIX in New York and KTLA in Los Angeles. WPIX will become the flagship station of the new network. Tribune will relinquish its 22.5% stake in the WB in return for a 10-year affiliation agreement with the network in turn.

Dawn Ostroff, currently the president of UPN, will become president of entertainment and John Maatta, currently the chief operating officer of the WB, will become chief operating officer of the CW.

Saturday, December 13, 2008

Taiwan’s former President, Chen Shui-bian (???), has been conditionally released on bail, some ten hours after he was indicted for corruption. Speaking to media at the Taipei District Court, he said: “I want to thank my lawyers, members of the Democratic Progressive Party and my supporters who have given me huge encouragement. I am grateful to those who cared for, supported and looked after me so I could get through the hardest and loneliest 32 days of my life in prison.” He earns the historical distinction of being the first ex-president of the Republic of China to be indicted for criminal offenses and could suffer life imprisonment if convicted.

Along with 13 other family members and close associates, including his wheelchair-bound wife, son Chen Chih-Chung, and daughter-in-law Huang Jui-ching, Chen was indicted Friday on charges of embezzling government funds and laundering money or ill-gotten bribes. The panel of three judges ruled he should appear at future court hearings and must not leave the country nor change his address.

Prosecutor Lin Che-hui accused Chen of having “embezzled 104 million New Taiwan dollars ($3.12 million) from a special presidential fund, and received bribes of $11.73 million in connection with a government land procurement deal and a separate construction project; the damning piece of evidence was the presence of NT$740 million ($22.2 million) in cash stashed in a Taipei bank safety vault held by the Chens.” Yuanta Securities director Tu Li-ping said, “she hand delivered NT$200 million ($6 million) in cash to Wu at the presidential residence in 2006 on behalf of executives of an affiliated bank; the money was an incentive for Wu not to interfere with a merger the bank was pursuing.”

Chen insists on his innocence. Contradicting the 100-page indictment, he said that “the $21 million his wife wired to their son’s Swiss bank accounts came from leftover campaign donations. Taiwanese law permits such donations to be kept by political candidates.”

In 1975, Chen married Wu Shu-chen (???), the daughter of a physician. The couple has a daughter, Chen Hsing-yu (???), who is a dentist; and a son, Chen Chih-Chung (???), who, having received a law degree in Taiwan, studied at and graduated with a M.A. degree from the University of California in 2005.

In November 2006, Chen’s wife Wu Shu-chen and three other high ranking officials of the Presidential Office were indicted for corruption, charged with misappropriating NT$14.8 million (USD$450,000) of government funds using falsified documents. Due to the protection from the Constitution against prosecution of the sitting president, Chen could not be prosecuted until he left office, and he was not indicted, but was alleged to be an accomplice on his wife’s indictment.

Chen’s term as President of the Republic of China ended in May 2008. Immediately thereafter, prosecutors began investigating him regarding allegations that he misused his discretionary “state affairs fund”, as well as his connection to the first family’s money-laundering activities. He resigned from the Democratic Progressive Party on August 15, 2008, one day after admitting to falsifying past campaign expenses and wiring campaign contributions to overseas accounts.

In November 2008, Chen was escorted by a security staff, into the Taipei prosecutor’s office for questioning. After 6 hours, he left the Supreme Court prosecutor`s office in handcuffs, was arrested and detained. The charges each carry a minimum penalty of 5 years imprisonment. Following a 6 day hunger strike while in detention, Chen collapsed and was rushed to Taipei’s Far Eastern Memorial Hospital, where he was later transferred to Panchiao Hospital for force-feeding. Despite Chen’s lack of interest in appealing, his lawyer Cheng Wen-long completed a motion seeking his release from detention and filed a notice of appeal of the court’s decision, along with a petition for constitutional interpretation to restrain actions violative of the Constitution.

Prosecutor General, Chen Tsung-ming said that after Chen’s case had been removed to the Taipei Local Court, he would re-file a petition for Chen’s detention. Chen and the main opposition DPP have accused President Ma Ying-jeou‘s administration of “using the scandals to plan a political plot against the former leader.”

Meanwhile, The Straits Times reported that “prosecutors are to investigate former President of the Republic of China and Chairman of the Kuomintang from 1988 to 2000, Lee Teng-hui on suspicion of money laundering, based on allegations made by Chen during his own questioning recently that his predecessor transferred large funds abroad through dummy accounts.” Mr. Lee angrily denied the accusations concerning “a suspected transfer of 50 million Taiwan dollars (US$2.26 million) to Mr Lee from a local stock investor via overseas dummy accounts.” Charges also included transactions made at the end of Lee’s tenure and at the beginning of Chen’s term, including “one billion Taiwan dollars that had been wired to various countries including Singapore.”

The China Post calls for calm and urges fair trial for Chen. “All the people should wait patiently for the outcome of the trial … They shouldn’t do anything to influence the judges in any way, because the rule of law in Taiwan is at stake. We should show the world that Taiwan is a democracy where anybody who commits a crime, be he a man on the street or a former president, is duly punished.” it said.

Friday, April 15, 2005Police in Melbourne have seized over a tonne of ecstacy in a shipment of tiles from Italy. Four were arrested on Thursday and early Friday relating to the shipment, which the Australian Federal Police has called the biggest shipment of street-ready ecstacy pills in the world.

The four men were charged with aiding and abetting a prohibited import, according to ABC radio. Five million tablets were seized, with a reported street value of US$190 million (AU$250m). Two were additionally charged with attempting to possess a prohibited import.

Federal police were continuing to investigate a crime ring behind the shipment, a spokesperson told News24.com.

Federal Agent Mike Phelan said: “The AFP is now working with its counterparts in Italy and other parts of Europe to identify any overseas links with this latest seizure.”

X-rays taken of the shipment, which arrived in Port Melbourne earlier in the week, had revealed anomalies inside eight pallets which were stacked with tiles, said a report from Australian Associated Press.

Police then monitored the shipping container until it was delivered on Thursday to a suburban Melbourne factory, where two men were arrested, according to the News24.com report. Agents searched a dozen homes and businesses across Melbourne and arrested two more men early on Friday. All four suspects were due to appear in court later on Friday.

Federal Justice Minister Chris Ellison praised the AFP, the Australian Customs Service and the Australian Crime Commission involved in the operation, which he told Australian Associated Press had been ongoing since January.

“This big seizure sends a very clear message to those who want to traffic drugs to Australia, you will be caught and face very serious penalties,” Senator Ellison told the news agency, saying the shipment “could have wreaked havoc”.

“Anyone who says this sort of seizure does not slow the supply of drugs is quite obviously out of touch with reality.”

The previous largest Australian ecstasy haul occurred in November 2004 in Sydney, when 1,800 pounds of ecstasy tablets and powder were seized, Australian Federal Police (AFP) told Reuters, compared to this shipment’s weight of 2,240 pounds.

Friday, May 23, 2008

Bangladesh reported its first human case of the H5N1 strain of Avian flu on Thursday. According to a representative of the Bangladesh health ministry, the 16-month old boy initially tested negative for the disease. His virus culture tested positive in tests performed by the United States Centers for Disease Control and Prevention. The boy is from the capital city of Dhaka in the Dhaka District.

“Although there is no farm in the neighbourhood we suspect that he got the illness after his family bought chickens from a farm,” said senior health ministry official Mahmudur Rahman. Rahman is the head of Bangladesh’s Institute of Epidemiology and Disease Control and Research. He asserted that the government had the disease under control, and that physicians and hospitals in the country were adequately prepared.

Rahman said Thursday that the child had recovered from the disease. “The child was found infected by H5N1 but after treatment he has recovered and is now doing well,” said Rahman in a statement to Reuters.

The World Health Organization (WHO) confirmed the positive test results on Friday. This case in Bangladesh brings the total number of countries in the world with human infections from the disease up to 15. “When a disease is so widespread in poultry, it is really a matter of time before you get a human case. It shows the need to control the disease in animals if you are going to reduce the chances of transmission to humans,” said WHO spokesman Gregory Hartl in a statement to Reuters.

The boy had previously been diagnosed with H5N1 in January, but the CDC only confirmed the case this week. In a statement in Agence France-Presse, senior government official Saluddin Khan said: “There is no reason to panic. The child contracted the H5N1 bird flu virus in January but we only got confirmation from the CDC on Wednesday it was a human bird flu case.”

Khan commented on preventative measures being taken by the government, saying, “we’re destroying the birds and eggs as soon as we have any report of bird flu at any farm in the country.”

Bangladesh was first hit by bird flu in February 2007, and after a period of dormancy, was hit again in January 2008. Outbreaks subsided in March when peaking temperatures killed off the virus. Over one million birds were slaughtered during the outbreaks, and at the peak the outbreaks were the cause of a loss 1.5 million jobs in the Bangladesh poultry industry, which is the largest in the world. The Avian influenza has spread through 47 of Bangladesh’s 64 districts.

The H5N1 virus seldom infects humans, but according to WHO there have been 382 human cases globally since 2003, including 241 deaths.