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, June 9, 2005

Canada’s top court has struck down Quebec’s bans on private health care insurance, citing an increased risk to the life and health of Canadians. [1]

The Supreme Court of Canada ruling looked into a patient’s right to pay for faster service in a system that currently treats patients on the basis of equal access to medical care, regardless of income. [2]

Quebec patient George Zeliotis, a chemical salesman who waited in pain for more than a year in 1997 to have his hip replaced, said he should have had the right to pay for surgery.

Under public health care, it’s forbidden to pay for services covered under the system.

Despite free medical treatment, there are often long waiting lists for operations and services with current public health care.[3]

Together with physician, Dr. Jacques Chaoulli, Mr. Zeliotis launched a challenge to the Supreme Court of Canada, after losing their fight in Quebec’s lower courts, arguing that having to wait for surgery violates a patient’s constitutional right to life, liberty, and security of the person. [4]

Mr. Zeliotis and Dr. Chaoulli argued that being able to pay for private medical services wouldn’t be detrimental to the public health care system.

The Quebec Superior Court and the Quebec Court of Appeal had dismissed the case, ruling that the provincial law’s intent was not to discriminate among patients and to provide health care based on need rather than a patient’s ability to pay.

The Canadian Medical Association said the Superior Court of Canada ruling could “fundamentally change the health-care system in Canada as we now know it” but declined to comment any further until it had time to study the decision. [5]

Wednesday, April 18, 2007

Natural Balance Pet Foods has recalled some of its wet and dry food for cats and dogs after several owners said that their pets were becoming sick. The company urges owners to stop feeding their pets the food immediately.

The brands recalled include Venison & Brown Rice Dry Dog Food and Venison & Green Pea Dry Cat Food.

Last month, Menu Foods recalled all of its 60 million products of dry and wet dog and cat food after pets began to fall ill and in some cases died of kidney failure.

“Natural Balance, Pacoima, CA, is issuing a voluntary nationwide recall for all of its Venison dog products and the dry Venison cat food only, regardless of date codes. The recalled products include Venison and Brown Rice canned and bagged dog foods, Venison and Brown Rice dog treats, and Venison and Green Pea dry cat food. Recent laboratory results show that the products contain melamine. We believe the source of the melamine is a rice protein concentrate. Natural Balance has confirmed this morning that some production batches of these products may contain melamine,” said a press released issued by Natural Balance.

The FDA states that the “investigation remains open and active, and the agency continues to follow leads to get closer to the root cause of the problem and to ensure that all contaminated product is removed from the market.”

“The source of the melamine appears to be a rice protein concentrate, which was recently added to the dry venison formulas. Natural Balance does not use wheat gluten, which was associated with the previous melamine contamination,” said the press release.

Bags, cans and zip lock bags of the food are expected to be the most affected.

“The products are packaged in bags, cans and zip lock treat bags and sold in pet specialty stores and PetCo nationally. No other Natural Balance products are involved in this voluntary recall as none of our other formulas include the rice protein concentrate,” added the press release.

The company states that the food, Venison & Brown Rice Dry Dog Food and Venison & Green Pea Dry Cat Food, are the only brands affected by the recall.

Tuesday, June 27, 2006

Australian Minister for Vocational Education and Training, Gary Hardgrave has announced the government will provide AU$15.8 million to establish an Australian Technical College in North Adelaide. The minister said the government was entering into a partnership with the Archdiocese of Adelaide and consortium of industrial and manufacturing companies.

The North Adelaide college will be located in Elizabeth and be operated as an independent non-government school. The college is one of 25 to be established across the country.

Enrolments at the college will begin in 2007 and will offer courses in areas where identified skills shortages exist in the North Adelaide region, specifically – engineering, construction, electronics and cooking.

Mr Hardgrave said that the proposed college had been popular among the North Adelaide business community. “This important initiative has been well received by North Adelaide business and industry, and will help to address skills needs and provide opportunities for those in greatest need, including a lot of Indigenous students in the region,” Mr Hardgrave said.

“The fact that this College is being led by local employers, local government and other key stakeholders, means it will be truly industry and community driven,” he said.

Australian Technical Colleges were established to cater for year 11 and 12 students who wish to do an apprenticeship as part of their school education.

The Australian Education Union has expressed a number of concerns about the model put forward by the government. In a report, they claim that trade facilities at TAFE colleges (operated by state governments) will deteriorate as funding is diverted to the ATCs. The union is also concerned that ATCs are supposed to be selective VET schools. According to the union they will have selective entry and preferential funding. It is feared that teachers will be lured away from schools and TAFE colleges to higher paid positions in ATCs.

The Education Union suggested that the government invest in schools that already offer vocational education programs.

Friday, May 19, 2006File:148888main sts121atpad lg.jpg

On Friday in Cape Canaveral, Florida, Space Shuttle Discovery began its 4.2 mile, 7 hour long journey to the launch pad, completing successfully. Discovery weighs approximately 4.5 million pounds.

The launch was supposed to occur in May, but NASA pushed back the date because of a faulty fuel sensor.

This will be Discovery’s second mission since the space shuttle Columbia broke apart during re-entry in 2003. Engineers believed that foam falling from the shuttle and smashing into the wing caused the disaster. After the accident, NASA grounded the shuttle fleet to determine the cause.

In 2005 cameras had shown during launch that a piece of foam being shed from the external tank, as well as smaller tile and foam dings. NASA and the crew decided that mission specialist Stephen Robinson should attempt to pull out the protruding gap fillers. Cameras also detected a small piece of thermal blanket near the cockpit that fell off, but later tests in wind tunnels had shown the piece to be of little concern and Discover landed safely.

NASA is scheduling the launch for Discovery to be between July 1 and July 19, 2006 and Steve Lindsey will Commander of the mission, flying with pilot Mark Kelly, two spacewalkers, Mike Fossum and Piers Sellers and mission specialists Stephanie Wilson and Lisa Nowak. European Space Agency (ESA) astronaut Thomas Reiter is also part of the crew but he will remain on the International Space Station (ISS) for several months.

Wednesday, March 9, 2005File:Plastic bag stock sized.jpg

They are cheap, useful, and very plentiful, and that is exactly the problem, according to researchers. A report issued on Feb. 23 by a cadre of environment and economics researchers suggested that Kenya should ban the common plastic bag that one gets at the checkout counter of grocery stores, and place a levy on other plastic bags, all to combat the country’s environmental problems stemming from the bags’ popularity.