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Tuesday, April 19, 2005

MIT has announced that Elwood “Woody” Norris, inventor of potentially revolutionary technologies of Hypersonic Sound beams and AirScooter flying vehicles, will receive this year’s Lemelson-MIT prize for invention this Friday, April 22. The prize comes with an award of US$500,000, making it the largest single award for invention given in the United States.

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, February 8, 2007

A new version of Canada’s Food Guide was announced by Canadian Health Minister Tony Clement on Feb. 5, 2007. The guide has helped Canadians with healthy eating habits since 1942 but was last updated in 1992. It is the Canadian government’s most-requested publication after income tax forms.

Changes to the Food Guide include:

• a first-time recommendation to include a small amount of unsaturated fat in regular diets;
• physical activity to complement healthy eating;
• advice for some people to take vitamin supplements;
• an advisory to limit foods with excess salt, sugar, fat and calories, which is considered an unprecedented caution regarding junk food.

Monday, June 7, 2010

The MTR Corporation, the only railway company in Hong Kong since the rail merge in 2007, has loosened their rules. The corporation proposed the new modifications, then transferred the proposal to the Legislative Council, and will be effective from September 2010.

The new set of rules allow ‘non-disruptive’ use of profanity in private conversations, and the punishment for inflammatory use of expletives is lowered from a fine of HK$5000 to HK$2000. The new set of rules have also excluded the regulation against wandering in MTR premises, as well as the rule against attempting to eat or drink.

Democratic Party member James To has expressed his concerns about a new rule that outlaws the display of promotional material. According to To, the wearing of Tiananmen Square Incident-related T-shirts or acting the Goddess of Democracy may breach the new MTR rules.

He also deems two other regulations, namely the prohibition of distracting MTR staff members and photography and video-recording in the train carriages, ‘unreasonable’.

Unionist Li Fung-ying is also confused whether chewing gum was considered food. MTR head of operations Choi Tak-tsan replied that only what is regarded as food counts. They had not yet discussed on this matter, said Choi, and will soon. Li is also concerned about the rule which prohibits the entering of the first-class carriage without buying a ticket. Her main concern is whether the passenger will be allowed to buy the ticket rather than being fined HK$500.

Wong Kwok-hing believes that the MTR corporation should call upon more effort to advertise a more ‘civilised’ and ‘polite’ way of taking the train. Jeffrey Lam thinks that the new rules do not do enough to restrict shouting. MTR replied that anyone who shouts in the train can be advised to leave the train or even prosecuted.

A compilation of brief news reports for Wednesday, September 29, 2010.

Monday, August 14, 2006

An additional round of new photos of a recuperating Fidel Castro have been published in the Cuban media. There has been international speculation on the state of the Cuban leader’s health since he temporarily relinquished power two weeks ago prior to undergoing intestinal surgery. Castro had not been seen in those two weeks, and there were rumours that he was dead or nearing death.

The official Communist Party daily Granma today published pictures of Castro meeting Venezuelan president Hugo Chavez on the Cuban leader’s 80th birthday, yesterday. The paper referred to the meeting as “three hours of emotional exchange” quoting Chavez as saying “This is the best visit I’ve ever had in my life.” Earlier, acting Cuban leader Raul Castro made his first public appearance since taking power when he welcomed Chavez to Cuba at the airport. The brothers also appear together in one of the new photos.

The earlier round of pictures released Sunday by the Juventud Rebelde (Rebel Youth) newspaper show Castro speaking on the phone and holding Saturday’s edition of the Communist Party newspaper Granma.

Castro also released a statement yesterday saying that his health had improved but that his recovery would take more time.

“To say that objective stability has improved considerably is not to invent a lie. To affirm that the period of recovery will last a short time and that there is no longer any risk would be absolutely incorrect.”

“I ask you all to be optimistic and at the same time to be ready to face any adverse news,” said Castro, who also thanked the Cuban people for their love and support during his health crisis. The statement was the first from the Cuban leader since undergoing surgery.

Granma reported Saturday that Castro is now “up” and “working”. The official newspaper reported that according to an unnamed friend of Castro “the leader of the revolution, after receiving some physiotherapy, took his first steps in the room, then, sitting on a coach, talked vividly”.

Though most official celebrations of Castro’s birthday have been postponed (possibly until December), three thousand well-wishers have gathered for a five-hour birthday concert on Havana’s Malecon seafront boulevard.

Friday, October 20, 2017

On Wednesday, at least seven people were killed and 22 were injured in Quetta, Balochistan province, Pakistan, after a car rammed into a truck carrying policemen. Abdur Razzaq Cheema, a police chief, said five police officials died in the incident and eight were critically injured.

Speaking to Al Jazeera, police official Muhammed Akbar said the incident took place on Saryab road. Sanaullah Zehri, chief minister of Balochi province, said, “it was a sucide attacker who appeared in a car with 70 to 80kg of explosives”. Reuters reported Pakistani Taliban had claimed responsibility for the attack.

Another police official was killed in a different part of the city. Lashkar-e-Jhangvi claimed responsibility for shooting and killing that official. They also claimed to have installed a bomb on the roadside. Officials said two Pakistani soldiers were killed due to that explosion.

At least five were killed in in a gunfire incident in Quetta last week. Earlier this month, more than a dozen were killed at a Sufi shrine in Balochistan in an alleged suicide attack.

Sunday, September 10, 2006

19-year old Maria Sharapova won her first US Open title, defeating Belgium‘s Justine Henin-Hardenne 6-4, 6-4 in the Saturday final. The match lasted over 90-minuites, in which Sharapova used her powerful serve, and forehand to command the entire match.

The day before the final, Sharapova defeated world number one Amelie Mauresmo in the semi-final match. Justine Henin-Hardenne defeated the Serb Jelena Jankovik 4-6, 6-4, 4-0.

Before the final Henin-Hardenne had an impressive 4-1 record against Sharapova, with 4 straight wins.

After her win, Sharapova said that she was excited to be in “…her favorite city in the world.” She also commented that “This is an amazing honor.”

She continued by crediting tennis great Billie Jean King for “just being an amazing woman.”

Henin-Hardenne also reached all four Grand Slam finals in 2006, yet only took the French Open title home.

Monday, June 1, 2009

United States automobile manufacturing firm General Motors filed for bankruptcy and Chapter 11 protection from its creditors at 12:00 UTC Monday, in a Manhattan, New York federal bankruptcy court. This was the largest bankruptcy filing for a U.S. manufacturing company, and with declared assets of $82.29 billion and a debt of $172.81 billion, and the fourth largest bankruptcy filing in recent U.S. history — after the bankruptcies of {{w|Lehman Brothers|| ($691.06 billion), Washington Mutual ($327.91 billion), and WorldCom ($103.91 billion).

The filing, expected to be the first of many, was for a New York GM affiliate, Chevrolet-Saturn of Harlem Incorporated. Numbered 09-50026, it named GM as a debtor in possession, and was filed before judge Robert Gerber.

GM is to be represented throughout the filing process by Weil Gotshal & Manges, a New York law firm specializing in bankruptcy.

The chief restructuring officer, named in the filing, is to be Al Koch, a managing director at AlixPartners LLP in New York, who will report directly to Fritz Henderson, the Chief Executive Officer of General Motors.

In its bankruptcy petition, GM listed its primary creditors as:

The amount owed to UAW excludes “approximately $9.4 billion corresponding to the GM Internal VEBA”. USD22,760 millions are owed to bondholders.

Analysts have observed that the effect of the bankruptcy filing on the U.S. economy is not expected to be as major as it once would have been. One such voice, Mark Zandy, an economist at Moody’s Economy.com, commented that “Bankruptcy now is irrelevant in terms of the economic consequence of what’s happening to GM.” Such analysts believe that the economic impact of GM’s problems has already been felt, with its effects on parts suppliers and employment. They also believe that GM’s programme of accelerated payments, and its participation in a U.S. Treasury program to ensure prompt payments to parts manufacturers, will have cushioned the effect of the bankruptcy itself.

Speaking on Bloomberg Radio, David Cole, chairman of the Center for Automotive Research in Ann Arbor, stated that the fragility of the parts suppliers, the loss of whom would threaten the entire automobile manufacturing industry, was of more immediate concern than the GM bankruptcy.

Also filing for chapter 11 protection today were Saturn LLC and Saturn Distribution Corporation, subsidiary companies of General Motors.

As a consequence of the bankruptcy, General Motors Corporation (GM.N) was removed from the Dow Jones Industrial Average, and was replaced by Cisco Systems (CSCO.O), these changes scheduled by Dow Jones & Company to take effect from the opening of trading on June 8.