Author: Admin

Friday, August 10, 2007

Global stock markets fell today, in a mass sell-off stemming from the sub-prime mortgage crisis in the United States. The Dow Jones Industrial Average rebounded late in the day after falling more than 250 points, ending the day down about 31 points. The UK’s FTSE-100 index fell 232.90 points to 6038.30, and Japan’s Nikkei 225 fell 406.51 points to 16764.09.

Central banks across the world are injecting funds into their banking systems to add liquidity, fearing that many financial firms with subprime ties will be insolvent. Yesterday, the U.S. Federal Reserve transferred US$24 billion to temporary reserves, following the European Central Bank, which authorized a record €83.6 billion addition to its banks, its biggest cash infusion ever. On Friday, the Fed entered into a $38 billion repurchase agreement of mortgage-backed securities, easing stockholder worries. Also on Friday, the Bank of Japan injected ¥1 trillion into Japan’s financial system.

The Federal Reserve met this week, but decided to maintain its target rate of 5.25%, although on Friday the federal funds rate was hovering around 6%, indicating a drop in liquidity.

The volatile week began last Friday with Bear Stearns tumbling as a result from its complete loss of two major hedge funds worth more than $1.5 billion. The hedge funds had been dangerously exposed to the massive sub-prime mortgage failure, and the company announced it was unable to return any money to investors.

Washington Mutual, and Countrywide Financial, both very large U.S. home loan lenders, saw shares fall. Countrywide Financial made a statement this week, saying they will be forced to retain a greater proportion of mortgage. American Home Mortgage Investment Corp, another large lender, recently filed for bankruptcy. The U.S. housing market has been declining for more than two years after the Federal Reserve raised interest rates 17 times. Now, lenders are in a quagmire from millions of people who are unable to repay loans after taking adjustable rate mortgages, teaser rates, interest-only mortgages, or piggyback rates.

Jim Cramer, of CNBC’s Mad Money, remarked that as many as seven million people will lose their homes from bad mortgages. Last Friday, Cramer went on a tirade on CNBC’s Street Signs, saying that the “Fed was asleep” and called for them to lower rates immediately.

Asian and European markets have become increasingly entangled in the subprime mortgage crisis in the U.S. Deutsche Bank of Germany lost almost $3.5 billion in share value, forcing the government to organize a bail-out. France’s largest bank, BNP Paribas SA, halted withdrawals from three large investment funds which were crippled by sub-prime exposure.

Sunday, March 26, 2006

Buffalo, New York —For the second weekend in a row, demonstrators protested the Elmwood Village Hotel proposal on the proposed site.

The Elmwood Village Hotel is a proposed hotel by Savarino Construction Services Corporation and is designed by architect Karl Frizlen of the Frizlen Group. It is to be placed on the corner of Elmwood and Forest Avenues in Buffalo and will require the demolition of at least five properties (1109-1121 Elmwood).

The proposal also required that all five properties, including 605 Forest, be rezoned to a “C-2” zone, or a “special development plan.” The rezoning was passed by Buffalo’s Common Council on March 21, 2006.

Russell Smith, owner of the Six Nation’s Gift Shop at 1121 Elmwood, also participated in the protest.

“I am a Native American and we opened a Native American gift shop and we are just brand new [and just] opened. Having started out a business for the first time, and it the only Native American shop in the city, and I do not see the use of any hotel, especially at this district. The Elmwood Strip is pretty well established. Some of these people have been here a long while you know and they’re [Savarino Construction] disrupting their livelihood,” said Smith to Wikinews.

When Smith was asked if he was going to be in any of the shops in the new hotel he replied, “we don’t have the option of getting into the hotel or any of the shops that are going to be there. We haven’t [had] any idea that they [Savarino] were even planning to tear these buildings down to put a hotel here until we had moved in. I think thats a little unfair.”

Former City of Buffalo Mayor Anthony Masiello was asked to sign the petition to stop the hotel when he walked by, but he declined saying, “I respect what you are doing, but I am for the hotel.”

Despite the cold weather, at least 45 people showed up to walk the picket line.

For the moment, no further protests have been scheduled, pending the final decision on the hotel proposal by the city’s Planning Board which meets Tuesday, March 28, 2006. The meeting begins at 8:00am and will be held in room 902 on the 9th floor of City Hall in downtown Buffalo.

On Saturday morning several individuals attended a meeting with a lawyer to see what could be done, if anything, about the proposal and about Hans Mobius, former Buffalo mayoral candidate and owner of the properties to be demolished at 1109-1121 Elmwood.

One of the attendees, Nancy Pollina, co-owner of Don Apparel with Patty Morris, stated that “there is a case” but that she is likely unable to afford the large attorney’s fees. Pollina reports that she is looking into a “legal fund.”

Some of the affected are considering going to the New York State Supreme Court pro se to seek an injunction.

Some tenants of Mobius’s buildings have accused him of being a “slumlord” and claim that he “intentionally neglected” his properties with the intention of selling. Mobius, who has owned the properties for about 20 years, tried in 1995 to sell them to a developer who wanted to build a Walgreens Drugstore on the same site as the proposed hotel.

Mobius is expected to appear in housing Court on April 11, 2006. He has not returned any phone calls from Wikinews.

Wednesday, September 26, 2007

A Catholic school in Michigan, United States was evacuated today after several students became sick during a church service.

Bloomfield Hills Public Safety Director Rick Matott said St. Hugo of the Hills Catholic School evacuated its 860 students around 9 a.m. EDT today. At least three children had passed out during the church service. Two children reportedly had to be taken to area hospitals.

Medical crews and hazardous material experts responded to the school to determine the cause of the illness. However, it is still not known what caused the students to become sick.

Students walked to the nearby Oakland Community College campus while they waited for their parents to pick them up.

St. Hugo of the Hills Catholic School is about 15 miles northwest of Detroit.

Saturday, November 10, 2007

The 28th Taipei Audio Video Fair (TAVF), organized by the Taipei Electrical Commercial Association (TECA), featured not only some innovative domestic market exhibition ideas, but also offered a pavilion entitled the “Global Audio and Video History Corridor”, to showcase the audio and video industry’s world-wide history. Wikinews reporter Rico Shen attended the fair, which, this year, highlighted TECA’s 60th anniversary.

At the Taipei Grand Hotel (Yuanshan Hall), some participants (exhibitors) rented soundproof guest rooms, which offered the best quality and performance for audio experiences. With high-definition television becoming a popular topic, some pre-market or marketed wide-screen HDTVs featuring 1080p were exhibited at the Taipei World Trade Center (TWTC Hall).

The TAVF show runs from November 8 to 12, closing at 8:00 p.m. (Taipei Time) each night except November 12, which has a closing time of 6 p.m. To assist visitors from The Grand Hotel, TWTC and TECA hired the Metropolitan Transport Corporation for an inter-hall shuttle service. The peak number of visitors are expected to be on the weekend after permitting minors under 120 cm to enter the showground.

Wednesday, February 6, 2008

David S. Touretzky, prominent free speech activist and critic of Scientology, discussed his opinions on the recent Internet backlash against the Church of Scientology in an interview with former Scientologist and Wikinews reporter Nicholas Turnbull. The recent conflict on the Internet between critics of Scientology and the Church has been spurred on in declarations by a nebulous Internet entity using the name Anonymous that the Church of Scientology “will be destroyed”. Anonymous has directed recent protests at Scientology centres across the world, which have attracted significant numbers of individuals supporting the cause. In recent e-mail correspondence with Wikinews, a representative of the Church of Scientology declared that the Church considers the activities of Anonymous to be illegal, and that Anonymous “will be handled and stopped”.

Touretzky, a research professor in artificial intelligence and computational neuroscience at Carnegie Mellon University, has been a prominent critic of the Church of Scientology since mid-1995, and has been protesting against Scientology vociferously since then; he has also run websites that publish material that Scientology wishes to keep suppressed from the public eye, such as extracts from Scientology’s formerly-confidential Operating Thetan (OT) materials. Touretzky views the actions of the Church of Scientology as being “a threat to free speech”, and has endured harassment by the Church of Scientology for his activities.

The Church of Scientology continues to suffer damage to its public reputation through increased exposure on the Internet and vocal protests by Scientology critics such as Prof. Touretzky. A recent event that focused intense attention on Scientology’s totalitarian attitude was the leak of an internal Church of Scientology propaganda video to the Internet video sharing site YouTube, in which celebrity Scientologist Tom Cruise spoke heavily in Scientology’s jargon and stated that that “we [Scientology] are the authorities” on resolving the difficulties of humanity. The declaration of war by Anonymous followed shortly after this leak, in the form of a video posted to the Internet.

The ongoing dispute, cast by some as Scientology versus the Internet, brought Scientology terms such as “SP” (Suppressive Person, an enemy of Scientology) and “KSW” (Keeping Scientology Working) into general usage by non-Scientologists from the late 1990s onwards; increased attention has been drawn to Scientology by the release of the Cruise video in addition to media coverage. This focus has caused an even greater propagation of these terms across the outside world, as Touretzky comments in the interview.

Wikinews asked Prof. Touretzky about the impact that the activities of Anonymous will have on Scientology, the public relations effect of the Tom Cruise video, the recent departure of individuals from the Church of Scientology’s executive management, the strategies that Anonymous will employ and Touretzky’s experiences of picketing the Church.

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.