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.

Sunday, August 21, 2005

A robotic system at Stanford Medical Center was used to perform a laparoscopic gastric bypass surgery successfully with a theoretically similar rate of complications to that seen in standard operations. However, as there were only 10 people in the experimental group (and another 10 in the control group), this is not a statistically significant sample.

If this surgical procedure is as successful in large-scale studies, it may lead the way for the use of robotic surgery in even more delicate procedures, such as heart surgery. Note that this is not a fully automated system, as a human doctor controls the operation via remote control. Laparoscopic gastric bypass surgery is a treatment for obesity.

There were concerns that doctors, in the future, might only be trained in the remote control procedure. Ronald G. Latimer, M.D., of Santa Barbara, CA, warned “The fact that surgeons may have to open the patient or might actually need to revert to standard laparoscopic techniques demands that this basic training be a requirement before a robot is purchased. Robots do malfunction, so a backup system is imperative. We should not be seduced to buy this instrument to train surgeons if they are not able to do the primary operations themselves.”

There are precedents for just such a problem occurring. A previous “new technology”, the electrocardiogram (ECG), has lead to a lack of basic education on the older technology, the stethoscope. As a result, many heart conditions now go undiagnosed, especially in children and others who rarely undergo an ECG procedure.

Thursday, September 30, 2010

Tyler Clementi, eighteen, a freshman at Rutgers University in the United States, jumped off the George Washington Bridge last Wednesday after roommates broadcast his same-sex encounters online.

Clementi shared a room with Dhraun Ravi, in Davidson Hall on Rutgers’ Piscataway campus.

On September 19, Dhraun Ravi is alleged to have secretly activated a webcam in their room, then retreated down the hall to the room of his childhood friend, Molly Wei, where they used Skype to connect to the live video feed of Clementi having sex. Ravi tweeted, “Roommate asked for the room till midnight. I went into molly’s room and turned on my Web cam. I saw him making out with a dude. Yay”.

Clementi reported the incident to the university, and that information has been passed to the authorities, according to Gregory Blimling, university vice president for student affairs.

Ravi attempted to repeat his actions on the following Wednesday, after seeing his roommate kissing a teenaged boy. Writing on Facebook he said, “Anyone with iChat, I dare you to video chat me between the hours of 9:30 and 12. Yes, it’s happening again.”

The following Wednesday, at around 4 p.m., fellow freshman Lauren Garcia saw Clementi leaving the dormitory. “He had his iPod in his ear, and just had this blank stare on his face,”, she said. Clementi drove one hour along the New Jersey Turnpike, abandoning his car on the Jersey side. Writing a final message on his own Facebook page saying, “Jumping off the gw bridge sorry”, he left a wallet containing his driver’s licence and Rutgers ID card, and his mobile phone on the roadside. According to witnesses, he scaled the railings, crouched down, and jumped at approximately 8:50 p.m— about eight minutes after his Facebook posting. Those details were relayed to press anonymously by a law enforcement official.

One of the anonymous witnesses, a 45-year-old from West New York, said “It was so quick, as soon as he saw us, he went. He didn’t give us an opportunity to do anything.”

New York Police Department’s Harbour Unit recovered a body of a young man yesterday, in the Hudson River to the North of the bridge, but it has not yet been positively identified.

Ravi and Wei, both eighteen, were charged with invasion of privacy. Wei voluntarily surrendered to police Monday, and was released on her own recognizance; Ravi surrendered the following day, and has been released on $25,000 bail. All three students started their courses in August.

The crime of “transmitting sexual images” is a 3^rd degree felony, carrying a maximum prison sentence of five years.

Clementi, from Ridgewood, New Jersey, played the violin, and was a member of the Ridgewood High School chamber orchestra. A student from the same hall described him as quiet and shy. His parents were apparently unaware of his sexuality; Robert Righthand, a friend of Clementi since grade school, said “he had it in reserve for a very long time […] You never thought he was depressed. You just thought he was quiet. He wasn’t the person to open up to a lot of people.”

A gathering of around 100 people held a vigil on Wednesday, chanting slogans such as “We’re here, we’re queer, we’re not going home.”

The Parents, Families and Friends of Lesbians and Gays organization announced a “call to action” today. Stephen Goldstein, of LGBT advocacy organization Garden State Equality, said, “[Clementi,] by all accounts, was brilliant, talented and kind […] we are sickened that anyone in our society, such as the students allegedly responsible […] might consider destroying others’ lives as a sport.”

On Wednesday prior to the incident, the university launched “Project Civility”, a two-year campaign encouraging students to be thougtful of others. The University president, Richard McCormick, issued a letter stating that “If the charges are true, these actions gravely violate the university’s standards of decency and humanity.”