Author: Admin

Saturday, September 15, 2007

Nervous savers have re-formed queues this morning outside many branches of Northern Rock, after the £2.68 billion bank took an emergency loan from the Bank of England, the UK central bank.

Shares in the bank had dropped 25% by lunchtime yesterday in London – and stood nearly 60% lower from their high of February – after the Bank of England acted in its capacity as “lender of last resort” to provide Northern Rock with short-term financing to enable it to continue operations.

The Bank of England hasn’t acted as lender of last resort since 1973, when the collapse of Cedar Holdings – a pioneer of second mortgages to UK home-owners – threatened a crisis in the country’s banking industry.

Northern Rock has been hit hard since June this year by the turmoil in world credit markets. Although only 0.24% of its assets are exposed to subprime US housing debt, the bank’s business model saw it grow its loan book by 43% in the first six months of this year. Rather than lending money deposited with it by savers, Northern has borrowed aggressively in the short-term capital markets.

“Northern Rock is not a reckless lender,” said Angela Knight, head of the British Bankers Association on national radio this morning. Urging the bank’s savers not to withdraw their money in panic, “the mortgage lending it does well and it does in a high quality, high calibre way,” she added.

But savers queuing to withdraw their money from Northern Rock today said they were “horrified” by the Bank of England needing to step in.

“I am going to take out the lot, every penny,” said one Northern Rock saver to Bloomberg as he queued outside the bank’s West End branch in London.

Wednesday, August 17, 2005

Vassar Clements, age 77, a legendary fiddle player who took bluegrass music from an obscure cultural art form to a mainstream influence, and who played on over 2000 albums, passed away at his Goodlettsville, Tennessee home August 16th 2005 at 8:35 am Nashville time (CST) from lung cancer which had metastasized to his liver and brain.

Mr. Clements taught himself to play the fiddle at age 7, and though he had no formal training was recognized as one of the world’s most versatile fiddle players and was considered a virtuoso. The first song he learned was “There’s an Old Spinning Wheel in the Parlor”. He described his talent saying, “It was God’s gift, something born in me. I was too dumb to learn it any other way. I listened to the (Grand Ole) Opry some. I’d pick it up one note at a time. I was young, with plenty of time and I didn’t give up. You’d come home from school, do your lessons and that’s it. No other distractions. I don’t read music. I play what I hear.”

He didn’t always earn his living playing music, though. In the mid-1960s he was employed briefly at the Kennedy Space Center in Florida, where he worked on plumbing. He also performed several other blue-collar jobs including work in a Georgia paper mill, as switchman for Atlantic Coast Railroad; he even sold insurance and once owned a potato chip franchise.

In his 50 year career he played with artists ranging from Woody Herman, and the Nitty Gritty Dirt Band to The Grateful Dead, Linda Ronstadt and Paul McCartney, and earned at least five Grammy nominations and numerous professional accolades. He once recorded with the pop group the Monkees by happenstance, when he stayed behind after an earlier recording session. He also appeared in Robert Altman‘s 1975 film “Nashville”.

His 2005 Grammy award for best country instrumental performance was for “Earl’s Breakdown,” by the Nitty Gritty Dirt Band, and featured Mr. Clements, Earl Scruggs, Randy Scruggs and Jerry Douglas.

Mr. Clements, whose last performance was February 4 in Jamestown, N.Y., was hospitalized earlier this year for 18 days to receive chemotherapy and other treatment. He had been diagnosed in March 2005.

Born in Kinard, South Carolina, his musical career began at age 14 when he associated with Bill Monroe, and later officially joined the Blue Grass Boys band where he remained for seven years. In 1957 he joined bluegrass band Jim & Jesse McReynolds where he remained until 1962. In 1967 he returned to Nashville where he became a much sought after studio musician.

After a brief touring stint with Faron Young he joined John Hartford‘s Dobrolic Plectral Society in 1971 when he met guitarist Norman Blake and Dobro player Tut Taylor, and recorded Aereo Plain, a widely acclaimed newgrass album that helped broaden the bluegrass market and sound. After less than a year he joined Earl Scruggs, who first earned widespread renown for playing the theme to sitcom The Beverly Hillbillies.

His 1972 work with the Nitty Gritty Dirt Band on their album Will the Circle Be Unbroken earned him even wider acclaim, and later worked with the Grateful Dead’s Wake of the Flood and Jimmy Buffett‘s A White Sport Coat and a Pink Crustacean.

Though he played numerous instruments, Mr. Clements indicated that he chose the fiddle over guitar recalling that, “I picked up a guitar and fiddle and tried them both out. The guitar was pretty easy, but I couldn’t get nothing out of the fiddle. So every time I’d see those instruments sitting side by side, I’d grab that fiddle.”

Big band and swing music were considerable influences upon his style and musical development, and he said that, “Bands like Glenn Miller, Les Brown, Tommy Dorsey, Harry James and Artie Shaw were very popular when I was a kid. I always loved rhythm, so I guess in the back of my mind the swing and jazz subconsciously comes out when I play, because when I was learning I was always trying to emulate the big-band sounds I heard on my fiddle.”

His last album ‘Livin’ With the Blues’, released in 2004, featured guest appearances by Elvin Bishop, Norton Buffalo, Maria Muldaur and others.

Mr. Clements’ daughter Midge Cranor wrote on his website [1] that “As I was still holding his hand his breathing stopped. I looked at the clock and it was 7:20 am.”

Mr. Clements’ remains have been transported to Bond Memorial Chapel, 1098 Weston Drive, Mt. Juliet, TN 37122; (615) 773-2663.

Friday, July 15, 2011

On Tuesday, the Euro fell to a new record low in relation to the Swiss Franc, and to multi-month lows against the U.S. Dollar and Japanese yen; all considered by investors to be safe currencies during times of economic turmoil.

The Wall Street Journal reported earlier that recent comments from the newly installed head of the International Monetary Fund, France’s Christine Lagarde, resulted in a sell-off of the Euro. At a roundtable discussion in Washington, Lagarde noted that the IMF had not yet reached discussion of terms and conditions of a second Greek bailout plan. In fact, a representative from the IMF is currently meeting with Eurozone policymakers to draft such a new proposal. The yield differential between Italian bonds and German bonds has spread to more than 300 basis points, something not seen in over a decade and evidence of investors’ concern.

Adding to the Euro’s woes is the upcoming release of the bank stress tests on Friday. The European Bankers Association said that they expect the data release to shed new light on the Eurozone’s banking situation. Representatives of several of the Eurozone’s governments, including Germany, have requested that the association consider releasing fewer specific details for fear that investor panic will ensue. The inadequacy of the capitalization rates has been an issue with the European Central Bank, whose president recently called upon Eurozone banks to make every effort to put their balance sheets in order.

For the time being at least, an unsubstantiated rumor reported by the Wall Street Journal states that the Eurozone’s central banks’ purchase of periphery debt has helped to quell the downward momentum of the Euro.

Thursday, September 20, 2007

A highly dynamic Bluetongue (or catarrhal fever) infection of sheep herds is underway in Germany. From August 2006 till September 9, 2007, 1,833 farms had reported the presence of the infection. From Sept 9. till September 14, 2007, the number of farms reporting infections has grown to 5,686. The number of deaths is estimated around 15,000 sheep.

Bluetongue infection is of viral origin and is harmless to humans. It is an insect-borne viral disease of ruminants, mainly sheep and less frequently of cattle, goats, buffalo, deer, dromedary camels and antelope. There are no reports of human transmission.

The origin of the infection is not clear but it is one of the diseases which is still feared to invade Northern Europe as a consequence of global warming. No official sources are as yet available as the affected sheep farmers have tried to get the news on the media but to no avail.

The disease has also been found in Belgium, France, the Netherlands and Luxembourg. The United Kingdom Department for Environment Food and Rural Affairs says the virus could spread from Northern Europe to the UK, but is unlikely.

Saturday, June 25, 2005

Seven months after suspicions were first raised, United States Agriculture Secretary Mike Johanns confirmed that a second American cow has tested positive for BSE (also known as ‘mad cow disease’), as determined by a lab in Weybridge, England. The department believes that this cow was born in the United States.

The delay in confirmation followed two conflicting test results from last November. The “Western blot” test, which is a more sophisticated test, could have helped reach a final determination, but the U.S. refused to perform it in November. The department’s inspector general, Phyllis Fong, ordered the Western blot test in June without advising Johanns and by the time Johanns found out about it, the testing was under way.

Johanns was annoyed that the round of testing which confirmed “Mad Cow” had been ordered without him being consulted first.”I was asked by the Senate and the president to operate the department,” Johanns said. “I believe, in this area, very clearly, the secretary should be consulted, whoever the secretary is, before testing is undertaken. From my standpoint, I believe I was put there to operate the department and was very disappointed.”

A senior research associate with Consumers Union, Michael Hansen, said USDA officials “almost sound like some Keystone Kops.”

Johanns reassured Americans that they should not be afraid of eating beef, saying: “This animal was blocked from entering the food supply because of the firewalls we have in place. Americans have every reason to continue to be confident in the safety of our beef.”

On June 17, the Associated Press reported: “American cattle are eating chicken litter, cattle blood and restaurant leftovers that could help transmit mad cow disease — a gap in the U.S. defense that the Bush administration promised to close nearly 18 months ago.”

John Stauber, co-author of “Mad Cow USA: Could the Nightmare Happen Here?” said: “Once the cameras were turned off and the media coverage dissipated, then it’s been business as usual, no real reform, just keep feeding slaughterhouse waste. The entire U.S. policy is designed to protect the livestock industry’s access to slaughterhouse waste as cheap feed.”

Critics of the U.S. testing regimen said the fumbles this time increase their concerns about America’s screening process.

“How can we be sure they were really negative?” Craig Culp, a spokesman for the Center for Food Safety asked; “After all, (here is a cow that was) negative in November that is positive in June.”

The companies which render slaughter waste say new restrictions are not warranted. “We process about 50 billion pounds of product annually — in visual terms, that is a convoy of semi trucks, four lanes wide, running from New York to L.A. every year,” said Jim Hodges, president of the American Meat Institute Foundation.

Wednesday, September 7, 2005

The United States’ third-largest airline operator, Delta Air Lines, will cut 1,000 jobs due to a planned service reduction at their Cincinnati hub. The carrier also announced they will sell 11 of their Boeing 767-200 planes to an air-cargo company, ABX Air Inc., since they are the least fuel-efficient aircraft in the fleet.

Cincinnati/Northern Kentucky International Airport lost 9 destinations, but the carrier said there would be no inconvenience to passengers. Delta will fly to 20 new “business destinations” from Atlanta and Salt Lake City, instead. Also 41 international connections are to be maintained or expanded.

The changes took place due to the difficult financial situation of the company, which suffered $10 billion in losses since 2001, and warned that they would file for bankruptcy if unsuccessful in lowering costs.

Tuesday, December 1, 2009

With two by-elections coming up in Australia, many minor parties and independents will be looking to gain a seat in the House of Representatives. Stephen Murphy is one of the independents.

Mr Murphy is a computer programmer from the Melbourne suburb of Brunswick.

“After growing up in South-East Melbourne I studied Science at Monash with first class Honours, worked in Europe for 10 years and have recently returned to Australia. I work in finance as a computer programmer and speak five languages,” Mr Murphy said.

Wikinews reporter Patrick Gillett held an exclusive email interview with Mr Murphy, candidate for the Division of Higgins.

((WN)) Why do you want to get into parliament?

Stephen Murphy: I am standing up for what I believe is the correct course of action on the biggest issue in Australian politics in 100 years – Kevin Rudd’s flawed emissions trading scheme (ETS).

((WN)) What would the three main policies you are taking into this by-election be?

SM: I will oppose the emissions trading scheme, ensure that all government policy is based on accurate scientific evidence and return common sense to Canberra

((WN)) How would you address these policies?

SM: By asking for a Royal Commission into climate change so that the facts (such as that global warming stopped in 2001 and the emissions trading scheme will not change the climate one bit) are openly presented to the Australian people.

((WN)) Sending asylum seekers to Indonesia: good or bad?

SM: Any government policy that does not properly consider all implications (be it emissions trading, or any other issue) is a bad one.

((WN)) Is the Australian dollar’s near parity with the US dollar a sign that the Australian economy is healthy, the US economy in chaos or both?

SM: It’s a sign of both. Many countries around the world look with envy at how well (relatively) Australia is doing, to our credit! It is of concern that the American economy is in such bad shape and that their levels of debt seem unsustainable.

((WN)) How do you rate the governments economic stimulus package?

SM: The economic stimulus package was poorly targeted and poorly carried out. When we could have been building roads, dams, railways and hospitals yet instead we were paying for tattoos, PlayStations and overseas holidays.

((WN)) Should it be wound back?

SM: The question about levels of stimulus spending is a complicated one and requires expertise in economics, however one could say in general terms that all government spending should be well targeted and spent in the most efficient way.

((WN)) Is Kevin Rudd a better Prime Minister than John Howard?’

SM: Australian voters are the best judge of that and we will know in 2019 🙂

((WN)) Is the Carbon Pollution Reduction Scheme an effective solution to climate change? Why?

SM: Absolutely not. The CPRS will not change the climate by any amount that we can measure – it’s just a new tax that will hurt Australians and drive businesses and jobs overseas. Since 2003 there has been mountains of new scientific data which contradicts the popular theory that human carbon dioxide emissions are causing significant global warming. Recently, many of the scientists who wrote the IPCC report (on which the ETS / CPRS is based) have been reported as manipulating scientific data to create scary global warming scenarios. The science is definitely not settled

((WN)) Is there a better solution?

SM: We can very easily refocus the momentum and goodwill that has been generated on climate change and channel this energy into other worthwhile environmental projects in Australia that will make a difference.

((WN)) Why should the electorate vote for you?

SM: I will oppose the ETS and support responsible environmental policies instead of radical environmental policies that could end up costing every Australian taxpayer $4550 per year in new taxes.

Thursday, February 24, 2005

A paste containing synthetic tooth enamel can seal small cavities without drilling. Kazue Yamagishi and colleagues at the FAP Dental Institute in Tokyo say that the paste can repair small cavities in 15 minutes.

Currently, fillers don’t stick to such small cavities so dentists must drill bigger holes. Hydroxyapatite crystals, of which natural enamel is made, bond with teeth to repair tiny areas of damage.

Yamagishi and colleagues have tested their paste on a lower premolar tooth that showed early signs of decay. They found that the synthetic enamel merged with the natural enamel. The synthetic enamel also appears to make teeth stronger which will improve resistance to future decay. As with drilling, however, there is still the potential for pain: The paste is strongly acidic to encourage crystal growth and causes inflammation if it touches the gums.

The paste is reported in the journal Nature.