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.
George Michael, a well-known British pop singer and songwriter, died on Christmas Day at the age of 53. Michael was found dead at his home in Oxfordshire, England, by boyfriend Fadi Fawaz.
I am in deep shock. I have lost a beloved friend — the kindest, most generous soul and a brilliant artist.
Michael’s publicist released the following statement to People and Entertainment Weekly: “It is with great sadness that we can confirm our beloved son, brother and friend George passed away peacefully at home over the Christmas period. The family would ask that their privacy be respected at this difficult and emotional time.” He also reported that Michael had died of heart failure and “passed away peacefully”.
Sir Elton John said via Instagram, “I am in deep shock. I have lost a beloved friend — the kindest, most generous soul and a brilliant artist. My heart goes out to his family and all of his fans.”
George Michael in 2006Image: Insasse(CC BY-SA 2.5).
George Michael was born Georgios Kyriacos Panayiotou in London. Over his multi-decade career, he sold more than 100 million records. Along with co-singer Andrew Ridgeley he became famous as part of the duo band Wham!. Together, Michael and Ridgeley produced several hit songs, such as Wake Me Up Before You Go-Go, Freedom, and Last Christmas. In 1985, Wham! was the first Western band to play in China since the beginning of the country’s opening up strategy. Wham! dissolved in 1986. In 1984, Michael recorded the successful single Careless Whisper. Michael was credited as the solo artist in the United Kingdom and as “Wham! featuring George Michael” in the United States. Michael released a hit solo album Faith in 1987, containing hits like I Want Your Sex.
Michael’s life was troubled by both substance abuse and issues with his sexuality. He initially hid his identity as a gay man from his fans, coming out only after a very public arrest for public lewdness in 1998. He would later be arrested for possession of drugs and driving under the influence of drugs. He was sentenced to eight weeks in prison in 2010 for crashing a Range Rover into a storefront while under the influence of drugs and possession of cannabis.
Michael had a history of transforming his negative experiences into art. He wrote White Light about a serious case of pneumonia that led to his hospitalization in 2011, and the music video for Outside, which followed on the heels of his arrest and coming out, showed scenes of a men’s bathroom, a dance club, and men kissing while in police uniforms. He would perform White Light live at the 2012 London Olympics.
Trypticase containing Cronobacter sakazakii bacteria. Image: Centers for Disease Control and Prevention.
Retail store group Walmart has removed an infant formula from over three thousand of their stores in the United States. The decision was taken in the aftermath of the death of a baby who suffered from Cronobacter sakazakii, an infection which is extremely rare but poses a significant risk to babies born recently and those born prematurely should they contract it. A second newborn baby has also contracted the infection, which is most frequently discovered in plants like rice and wheat.
Ongoing tests are now attempting to establish whether or not the powdered infant formula is connected to the bacterial infection the two babies suffered from in the US state of Missouri. A statement from Walmart says that the company is taking the product Enfamil Newborn Formula off their shelves “out of an abundance of caution”. Speaking on behalf of Walmart, Dianna Gee stated that the group express their “deepest condolences” to the family of Avery Cornett, who died after removal from life support. Gee informed Agence France-Presse that lot number ZP1K7G had been removed and “Walmart customers who may have purchased the item at our stores can return it for a full refund or exchange it for another brand of formula”.
The manufacturer of Enfamil Newborn Formula has also stated that tests made before shipment of the product came back as negative. Chris Perille, a spokesperson for Enfamil manufacturer Mead Johnson Nutrition, has said: “The batch of our product used by the child’s family tested negative for Cronobacter when it was produced and packaged, and that has been reconfirmed from our batch records following this news”. Mead Johnson are “highly confident in the safety and quality of our products — and the rigorous testing we put them through” and is “working with the health authorities to support their efforts to identify the source or cause of this infant’s infection,” according to Perille. The U.S. government has reportedly made no recall of the product.
The Missouri Department of Health and Senior Services has referred the infant formula to the Centers for Disease Control and Prevention and the Food and Drug Administration for examination and has advised parents that “powdered infant formulas are not commercially sterile products” and destroying bacteria amongst the production process may not be possible, while “no exclusively breastfed infants have been reported to have” contracted Cronobacter sakazakii. Pending test completion, “it cannot be determined whether the illness is linked to Enfamil Newborn Formula 12.5 oz. cans lot #ZP1K7G or an outside source”, according to a statement from the Missouri Department of Health and Senior Services. The department has also suggested that parents observe the World Health Organisation’s ‘Guidelines for the safe preparation, storage and handling of powdered infant formula’, which recommends “washing your hands with soap and water, thoroughly sterilizing all feeding equipment in hot, soapy water and preparing enough formula for only one feeding at a time”.
Joshua J. Goyette allegedly confessed to breaking into a Saxonburg, Pennsylvania retirement home and beating 86-year-old Gertrude “Trudy” Johanson in the early morning of June 25, 2005. The crime, which shocked the small community north of Pittsburgh, was not the only one which occurred recently at area retirement homes. Goyette is also suspected in a May incident where another apartment at the Commons of Saxonburg was broken into through a first floor window and the 90-year-old woman inside was groped while she slept.
Goyette, 25, has addresses listed in court documents in New Bedford, Massachusetts; and in Saxonburg, Pennsylvania, his mother’s home.
The alleged confession was given last Thursday, June 30, 2005, in New Bedford, Massachusetts, to Pennsylvania state police investigators. Goyette is currently being held in the Butler County prison in lieu of $300,000 cash bond. He faces charges of attempted homicide, aggravated assault, burglary and criminal mischief.
China’s Xinhua News Agency said Tuesday that at least 53 people were killed in Shanghai during a deadly fire. The blaze, which occurred on Monday at 2:15 p.m. CST (0615 UTC), consumed a 28-story high-rise apartment building in the city’s Jing’an District.
The building was being renovated at the time of the fire, and was home to over 150 families. At least 100 victims have been admitted to area hospitals, although some later died. Most survivors were not seriously injured, but needed treatment for smoke inhalation. Firefighters were still looking for survivors and over 70 were still hospitalized on the morning after the fire.
The fire was the worst in recent Shanghai history and took over 100 fire engines more than four hours to contain. Strong winds blew heavy smoke into the air, hampering rescue efforts by helicopters. The smoke was seen by witnesses around 15 kilometres (9.3 miles) away from the high-rise. The fire was largely extinguished by 6:30 p.m. local time (1000 UTC), allowing fire and rescue officials to enter the building.
The apartment building, built in the late 1990s, was home to mainly retired teachers. Some residents climbed down the scaffolding to escape, while others called for help but were unable to flee the blaze. “I saw at least four or five people hanging onto the scaffolding which covers the building, screaming for help,” said Li Qubo, who was working near the high-rise.
The cause of the fire has not yet been determined, but local residents said fire safety regulations were not strict, and workers often tossed used cigarettes into the building’s hallways. Qiu Jingshu, a 38-year-old worker who was outside the 18th floor when the fire struck, said he saw sparks from welding being done on an adjacent building fly over onto the high-rise. The sparks lit up foam on the scaffolding around the apartment, according to Qiu. “We had tried to put out the blaze, but the fire was so big and spread so quickly that we could barely escape ourselves,” he said. Crews were said to have been installing insulation at the time of the fire, and witnesses saw construction materials on fire before the building was overtaken by flames.
Two nearby buildings were evacuated, and their residents were temporarily sent to local hotels, and a school. Meng Jianzhu, China’s Minister of Public Security, said that an investigation would determine who was responsible for the fire, so they could be punished accordingly. Meng said that a team had been formed under China’s State Council to look into the disaster.
A similar incident occurred in Beijing early last year. In February 2009, the illegal use of fireworks caused a fire that gutted a 34-story building under construction at the time.
Shanghai has a population of about 20 million, housed mainly in high-rise apartments. Many buildings in the city are under construction or being renovated.
This exclusive interview features first-hand journalism by a Wikinews reporter. See the collaboration page for more details.
Saturday, November 4, 2006
On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Don Valley East (Ward 33). One candidates responded to Wikinews’ requests for an interview. This ward’s candidates include Zane Caplan, Shelley Carroll (incumbent), Jim Conlon, Sarah Tsang-Fahey, and Anderson Tung.
The Supreme Court in Lausanne, Switzerland has ruled that Texas hold ’em poker is a game of luck, rather than a game of skill. As a result, only casinos can host poker tournaments in Switzerland. Private games with friends, even where money is at stake, are still permitted under the ruling.
Texas Hold ‘Em was originally widespread legally before the ruling. Image: Todd Klassy.
Poker tournaments had been growing in popularity in the country, with many events held in hotels and bars. Such venues do not have to pay the 50% tax on profits levied on licensed casinos, nor comply with regulations combating money laundering and gambling addiction. Poker is now categorised alongside roulette and slot machines, which as games of luck can only be played inside casinos. Mathematics, strategy, and bluffing were less important in determining the result than chance, said the judges, overturning a lower court ruling to the opposite effect, and disagreeing with the stance of the country’s Federal Gaming Commission.
Before the ruling, it had been estimated by the Swiss Federation of Casinos that there were about 100 unlicensed poker tournaments every weekend. A Swiss poker website, SwissPokerTour.ch, has described the result as “a black day for all amateur poker players in Switzerland.”
Egyptian army soldiers monitor protests over the weekend. Image: Ramy Raoof.
The president of Egypt has suffered a “devastating blow” after the country’s army announced they would not use force against their own people, who continue to protest against the government tonight. The news came hours after six journalists who reported on the protests were released from custody.
Hosni Mubarak yesterday announced a new cabinet, which does not include several figures who protesters largely do not approve of. Analysts have, however, suggested little had changed within the government; many positions, they say, are filled with military figures.
To the great people of Egypt, your armed forces, acknowledging the legitimate rights of the people … have not and will not use force against the Egyptian people.
In a statement broadcast on state media in Egypt, the army said: “To the great people of Egypt, your armed forces, acknowledging the legitimate rights of the people … have not and will not use force against the Egyptian people.” A BBC correspondent in Cairo said the announcement meant it “now seems increasingly likely that the 30-year rule of Mr Mubarak is drawing to a close.”
“The presence of the army in the streets is for your sake and to ensure your safety and wellbeing. The armed forces will not resort to use of force against our great people,” the statement added. “Your armed forces, who are aware of the legitimacy of your demands and are keen to assume their responsibility in protecting the nation and the citizens, affirms that freedom of expression through peaceful means is guaranteed to everybody.”
Earlier today, six journalists from the independent news network Al-Jazeera were released from custody after being detained by police. The U.S. State Department criticized the arrests; equipment was reportedly confiscated from the journalists.
HAVE YOUR SAY
Have you been affected in some way by this unrest? Tell us your thoughts.
Add or view comments
Egyptian officials yesterday ordered the satellite channel to stop broadcasting in the country. Al-Jazeera said they were “appalled” by the government’s decision to close its Egyptian offices, which they described as the “latest attack by the Egyptian regime to strike at its freedom to report independently on the unprecedented events in Egypt.”
In a statement, the news agency added: “Al-Jazeera sees this as an act designed to stifle and repress the freedom of reporting by the network and its journalists. In this time of deep turmoil and unrest in Egyptian society it is imperative that voices from all sides be heard; the closing of our bureau by the Egyptian government is aimed at censoring and silencing the voices of the Egyptian people.”
On Friday, Wikinews reported the government had shut off practically all Internet traffic both out of and into the nation, as well as disrupting cellphone usage. A spokesperson for the social networking website Facebook said “limiting Internet access for millions of people is a matter of concern for the global community.”
Protesters in Tahrir Square on Sunday. Image: Mona.
A reported 50,000 campaigners, who are demanding the long-time leader step down and complaining of poverty, corruption, and oppression, filled Tahrir Square in Cairo today, chanting “We will stay until the coward leaves.” It is thought 100 people have so far died in the demonstrations. Today there have been protests in Suez, Mansoura, Damanhour, and Alexandria.
Speaking to news media in the area, many protesters said the new cabinet did little to quell their anger. “We want a complete change of government, with a civilian authority,” one said. Another added: “This is not a new government. This is the same regime—this is the same bluff. [Mubarak] has been bluffing us for 30 years.”
In Tahrir Square today, protesters played music as strings of barbed wire and army tanks stood nearby. Demonstrators scaled light poles, hanging Egyptian flags and calling for an end to Mubarak’s rule. “One poster featured Mubarak’s face plastered with a Hitler mustache, a sign of the deep resentment toward the 82-year-old leader they blame for widespread poverty, inflation and official indifference and brutality during his 30 years in power,” one journalist in the square reported this evening.
ASUS Eee PC 4G, won Gold Award and Most Popular Product in the 2008 Taiwan Excellence Awards.Image: Rico Shen.
Thursday at the Taipei International Convention Center, the winners of the Gold and Silver Awards were announced at the 2008 16th-annual Taiwan Excellence Awards, an event created to promote products made in Taiwan. They were announced by the Taiwan External Trade Development Council (TAITRA), which also organized the event.
This year, 601 products competed for the eight gold medals and twenty-one silver awards. In the ICT category, the competition was especially fierce as 388 ICT products were on display from the IT industry. In total, 308 products from 102 companies were entitled as “Taiwan Excellent Products”.
Several world-class experts judged the nominated products, in order to select the final twenty-nine based on four critical factors including R&D, design, quality, and marketing. In addition, the TAITRA also had categories where people could vote over the Internet or using their mobile phones.
ASUSTeK picked up two Gold Awards and six Silver Awards and was the biggest winner in the “Taiwan Excellence Awards”. Eee PC 4G, with features like mobility, reliability, and connectively, not only won a Gold Award, but was also voted as the “Most Popular Product” as awarded by Internet and mobile users.
The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.
Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.
Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.
Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.
Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.
That kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.
As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.
Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”
HAVE YOUR SAY
Does Chula Vista’s solution save neighborhoods or worsen the financial crisis?
Add or view comments
CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.