Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Thursday, October 18, 2007

It can be difficult to be John Reed.

Christopher Hitchens called him a “Bin Ladenist” and Cathy Young editorialized in The Boston Globe that he “blames the victims of terrorism” when he puts out a novel like Snowball’s Chance, a biting send-up of George Orwell‘s Animal Farm which he was inspired to write after the terrorist attacks on September 11. “The clear references to 9/11 in the apocalyptic ending can only bring Orwell’s name into disrepute in the U.S.,” wrote William Hamilton, the British literary executor of the Orwell estate. That process had already begun: it was revealed Orwell gave the British Foreign Office a list of people he suspected of being “crypto-Communists and fellow travelers,” labeling some of them as Jews and homosexuals. “I really wanted to explode that book,” Reed told The New York Times. “I wanted to completely undermine it.”

Is this man who wants to blow up the classic literary canon taught to children in schools a menace, or a messiah? David Shankbone went to interview him for Wikinews and found that, as often is the case, the answer lies somewhere in the middle.

Reed is electrified by the changes that surround him that channel through a lens of inspiration wrought by his children. “The kids have made me a better writer,” Reed said. In his new untitled work, which he calls a “new play by William Shakespeare,” he takes lines from The Bard‘s classics to form an original tragedy. He began it in 2003, but only with the birth of his children could he finish it. “I didn’t understand the characters who had children. I didn’t really understand them. And once I had had kids, I could approach them differently.”

Taking the old to make it new is a theme in his work and in his world view. Reed foresees new narrative forms being born, Biblical epics that will be played out across print and electronic mediums. He is pulled forward by revolutions of the past, a search for a spiritual sensibility, and a desire to locate himself in the process.

Below is David Shankbone’s conversation with novelist John Reed.

Saturday, March 15, 2008

The Internet group Anonymous today held further protests critical of the Church of Scientology.

The global protests started in Australia where several hundred protesters gathered at different locations for peaceful protests.

In a global speech, the Internet protest movement said Scientology “betrayed the trust of its members, [had] taken their money, their rights, and at times their very lives.” The protesters welcomed the public interest their protests have led to, and claimed they witnessed “an unprecedented flood of Scientologists [joining] us across the world to testify about these abuses.” The group said it would continue with monthly actions.

In a press statement from its European headquarters, Scientology accused the anonymous protesters of “hate speech and hate crimes”, alleging that security measures were necessary because of death threats and bomb threats. This also makes the Church want to “identify members” of the group it brands as “cyber-terrorists”.

Wikinews had correspondents in a number of protest locations to report on the events.

Anonymous states that the next protest is scheduled to take place on April 18, which happens to be the birthday of Suri, the daughter of Tom and Katie Cruise.

Tuesday, April 8, 2008

A reporter from Wikinews recently interviewed Brooks Lindsay, who is the founder of the online wiki Debatepedia, which claims to be the ‘Wikipedia of Debates.’

Brooks told Wikinews that “Debatepedia is a non-profit, free wiki encyclopedia of debates, pro and con arguments, and supporting evidence and quotes from scholars, experts, and op-ed writers (those figures that are actively engaged in these public debates).” He continued with “some people have called it the ‘Wikipedia of debate’, which is a pretty accurate description of what we are trying to do.”

He finished by stating that the site is “trying to cover all of the pro and con arguments in any public debate, on any topic from a global to a local level, from any region in the world, and hopefully, in the future, in any language. The objective is to frame debates in a pro/con structure – when they appropriately belong in a pro/con structure – so that people can effectively “weigh” the “sides” in a debate, deliberate, draw conclusions, and take a stand. “

The second question asked why he founded Debatepedia. He replied by saying that “With arguments, evidence, and quotes being scattered across the Internet, it is currently too difficult for citizens to view all the pros and cons, quotes, and supporting evidence in debates, deliberate and take a stand. We are trying to fill this void, on a global scale, and by open-sourcing the effort over MediaWiki software.”

When asked how Debatepedia will develop in the future Brooks said that he expects “the community of editors to grow to a much greater extent.” He also said that he hoped to be able to “clean up some of the software elements,” of the site.

When questioned about the importance of Debatepedia, Mr. Lindsay said that “Debatepedia is important for the reader and citizen as a tool to deliberate more effectively, develop greater conviction in what is righteous and what is not, and to generally increase citizen-engagement in debates, issues, and advocacy, across the world. For the writer, it is a way to have a greater voice and impact on other people, and other people’s thinking; it’s a great public service to help edit on Debatepedia, like on Wikipedia. Finally, there is the potential that Debatepedia will be used by leaders and representatives as a way to deliberate through a topic that they have to vote on, or as a destination to direct constituents to deliberate.” He said it was “perhaps a lofty goal, but real nevertheless.”

Monday, August 29, 2011

Extreme drought conditions this summer have reduced many of Texas’ freshwater lakes to a fraction of their usual water levels. Central Texas, home to Lake Buchanan and Lake Travis, has seen severe effects of the drought. Those two lakes are currently 45 percent full and further drops in water levels are anticipated. Austin, the state’s capital, has recorded 70 days of 100-degree heat already this summer.

The state saw less than an inch of rainfall in July alone. Residents of Henderson county are concerned that Lake Palestine has reached levels which haven’t been seen since the 1980’s. Some report that fishing in general has been hard-hit. Residents also report excessive sightings of snakes in and around residential areas near the lake, an effect believed to be caused by drought conditions.

Collectively, estimates recently showed the state’s reservoirs to be at 68% capacity. Chris Ransom of Houston told Wikinews on August 21 that Sheldon Reservoir is “all dried up now.” He went on to state that Lake Houston water levels have dropped significantly this summer. He also stated that, while an avid fisherman, he’s ceased almost all such activities within the past few weeks. Meteorologist Bob Rose told news sources that heat conditions are likely to continue into September.

Thursday, May 5, 2011

Officials from France’s aviation accident investigation agency, the Bureau of Enquiry and Analysis for Civil Aviation Safety (BEA), announced on Tuesday that they had recovered the cockpit voice recorder (CVR) of Air France Flight 447. It was located and brought to the surface by a Remora 6000 unmanned submarine, then taken aboard the Île de Sein, one of the vessels taking part in the recovery and salvage efforts.

This came two days after an announcement on Sunday that the crash-survivable memory unit of the flight data recorder (FDR) of the aircraft had been located and brought to the surface. The chassis of the FDR was located on April 27, with the memory unit missing. It was found a short distance from the chassis. It was also brought to the surface by the Remora 6000.

With the recovery of both recorders, which are reported to be “in good condition”, French officials hope to determine what caused the Airbus A330-200 to crash into the Atlantic Ocean on June 1, 2009, when it departed Rio de Janeiro’s Galeão International Airport before it was lost 600 miles (965 km) off the coast of Brazil en route to Paris’ Charles de Gaulle Airport with 228 passengers and crew on board.

The leading theory at the moment is that the crew received incorrect air speed readings from the aircraft’s pitot tubes, devices which measure how fast the aircraft is traveling. Experts say the tubes may have become iced over, causing the crash. The plane’s Aircraft Communications Addressing and Reporting System (ACARS) sent out 24 messages over a four-minute long period stating numerous problems and warnings, including incorrect air speed warnings occurring aboard the aircraft, just prior to it going down.

However, chief operating officer of the International Bureau of Aviation, Phil Seymour, speaking to CNN, believes the memory unit will not be of much use to investigators saying because of the depth it was located at, “If you were to throw a computer into the ocean, imagine how all the parts would eventually split and you have the corrosive effects of seawater and the depths involved.” Seymour believes the wreckage will help reveal what happened as more is recovered.

“It may be that the more wreckage they find will help them to piece it all together, which bit by bit could help them build a picture of what caused the plane to come down,” he added.

A BEA spokesperson had agreed with that possibility a few days earlier when speaking to the Associated Press about the recovery of the flight data recorder. “We can’t say in advance that we’re going to be able to read it until it’s been opened,” the spokesperson said. As

The wreckage of the Airbus A330-200, was found back on April 8 at a depth of 3,800 and 4,000 meters (2,070 to 2,190 fathoms or 12,467 feet and 13,123 feet), by a team from the Woods Hole Oceanographic Institution, using a Remus robotic submarine and its side-scan sonar. After the wreckage was found, another Remus robot submarine with cameras was sent down to the site, where it filmed bodies in the wreckage. The location of the recorders were localized within 2 square miles (5 square kilometers) of the flight’s last position last year.

In March, a French judge placed the European aircraft maker Airbus and Air France under investigation for possible involuntary manslaughter charges in the 2009 crash. Both are paying the cost of the search which is estimated to be $12.7 million (nine million euro). The crash is the deadliest in Air France’s history.

Tuesday, April 10, 2018

On Saturday, the Trump Tower, in Midtown, New York City, caught fire shortly before 18:00 EST (2200 UTC) on the 50th floor, claiming the life of a 67-year-old resident, Todd Brassner, who lived in apartment 50C. All other residents were evacuated without incident. During the fire, six firefighters received non-life-threatening burns and other minor injuries. Neither US President Donald Trump nor the First Family were in the building at the time of the fire.

The high-end Fifth Avenue address is the personal residence of President Donald Trump, whose family occupies the top three stories of the 58-story building. The US Secret Service maintains a constant security presence inside the building with the New York City Police Department guarding a hard perimeter, intended to stop vehicular attacks, and a soft perimeter, intended for on-foot attacks.

The four-alarm fire required 200 firemen, extra police, and paramedics. At 20:00 EST (0000 UTC Sunday), the New York City Fire Department (FDNY) declared the fire was under control. Trump tweeted, “Firemen (and women) did a great job. THANK YOU!” This is the second fire at Trump Tower since the election; previously on January 8, a fire was caused by an electrical malfunction in a cooling tower on the roof. Three FDNY firefighters received minor injuries, and all residents and office workers evacuated without incident on that occasion.

Trump Tower provides a number of unique problems never before encountered by the Secret Service. Never has a US President’s personal residence been inside a skyscraper or in a densely populated area like Midtown. The security measures have disrupted vehicular and pedestrian traffic requiring time consuming detours and delaying emergency response.

The New York Fire Code did not mandate sprinkler systems at the time Trump Tower was built in 1983, which might have reduced the size and severity of the fire had they been present. The 50th-floor apartment was, according to FDNY Fire Commissioner Daniel Nigro, “[T]he apartment was virtually, entirely on fire.” The Secret Service monitors all the fire alarms in the building but it took time to find the source of the thick black smoke emanating from the fire. Secret Service Agents escorted the firefighters throughout the building, including the Trump residence.

Brassner, the sole casualty, was unconscious when firefighters pulled him out of apartment 50C. He was transported to Mount Sinai Roosevelt Hospital. Originally listed as critical, he was pronounced dead sometime during the night. Brassner, guitar collector, was acquainted with artist Andy Warhol and was acknowledged in Warhol’s 1989 autobiography, The Andy Warhol Diaries. The cause of the fire is unknown, with investigations into Brassner’s death and the emergency response ongoing. Currently, the Secret Service leads the investigation.

Sunday, March 31, 2013

Demonstrations took place across the UK over the holiday weekend, echoing the message personally delivered to Iain Duncan Smith at a Capita-sponsored talk last week. Chants of “Axe, axe, axe the bedroom tax” could be clearly heard throughout Edinburgh’s demonstration. At the end of his minute-long tirade at the Secretary of State for Work and Pensions, Willie Black labelled Duncan Smith a “ratbag”; several people turned up with this printed on their tee shirts.

Wikinews photographed the march from Edinburgh’s St. Andrew’s Square to the Scottish Parliament. Various estimates put the number in-attendance between 1,200 and 1,600.

Other protests took place in London, with an estimated 1,000 at Trafalgar Square and Downing street. Glasgow saw around 2,500 take to the streets. Those demonstrating equated the package of changes that see benefit rises at a below-inflation 1%, and housing benefit cut by 14% for those with one spare room, 25% if they have two or more spare rooms, with the ‘poll tax’ which saw riots in England during Margaret Thatcher’s time as Prime Minister.

Head of the UK’s National Housing Federation David Orr commented: “It’s bad policy, it’s bad economics, it’s bad for hundreds of thousands of ordinary people whose lives will be made difficult for no benefit — and I think it’s about to become profoundly bad politics.”

With the policy coming into effect now, protesters are intent on a “can’t pay, won’t pay” civil disobedience campaign.

Tuesday, May 3, 2005

In an eerie echo of the Wendy’s chili finger case, a man found a severed finger tip in his frozen custard on Monday in North Carolina, USA. However, unlike the Wendy’s case, agriculture and labor officials have confirmed with Craig Thomas, the owner of Kohl’s Frozen Custard, that an employee had lost the finger tip while working with the custard dispensing machine at the location.

“I thought it was candy because they put candy in your ice cream … to make it a treat,” Clarence Stowers told Wilmington WWAY TV. Stowers continued, “OK, well, I’ll just put it in my mouth and get the ice cream off of it and see what it is.”

The Kohl’s Frozen Custard outlet is located on South College Road in Wilmington, North Carolina.

“We are still trying to ascertain what exactly happened,” owner Thomas told WRAL Raleigh-Durham. “But in the seconds that it took for the accident to happen, and for (the employee) to tell the manager that it happened, a pint was being scooped out,” he said.

“I’m sick at my stomach, I just can’t get that taste out of my mouth,” Stowers told WECT TV6 in Wilmington. Stowers is keeping the finger tip in his freezer and said he plans to hire a lawyer.

This is the second time that an employee has lost a finger tip at Kohl’s Frozen Custard. Former employee William Franklin lost a finger tip last summer, but an investigation by the Department of Labor placed the blame on Franklin for that incident.

Kohl’s Frozen Custard was permitted to re-open after state inspectors monitored the disassembly and sterilization of the custard dispensing machine.