Tuesday, October 2, 2007

Ray Scott is running for the Family Coalition Party in the Ontario provincial election, in the Algoma-Manitoulin riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Warning: The information on this page may be incorrect and/or outdated. Don’t trust it.

Information about the world’s markets index, no longer maintained.

• Forex Gold Index: $424.30/barrel, $0.80

• 1 US Dollar (US$):

= STG£0.5349 = €0.7727 = ¥106.4000

• 1 Euro (€):

= STG£0.6923 = $1.2942 = ¥137.6900

• 1 Pound Sterling (STG£):

= US$1.8694 = €1.4443 = ¥198.8550

• 1 Japanese Yen (¥)

= STG£0.0050 = $0.0094 = €0.0073

(Commodities & currencies as of 2005-03-24 T 23:00 UTC, or last close were applicable. None of this data is guaranteed to be correct. Please read our General disclaimer and Risk disclaimer.)|}

• Market Data/Energy

Sunday, July 10, 2005

On Friday, the annual meeting of the leaders of the world’s eight most powerful countries, the Group of Eight (G8), ended ahead of schedule with few resolutions to the disappointment of many. The G8 meeting ended early Friday to accommodate Tony Blair, who requested to return to London in response to Thursday’s bombings in London. At the conclusion of the meeting, the leaders pledged to increase humanitarian aid to Africa by $50 billion, however $30 billion had already been pledged previously.

The group was unable to make significant progress regarding global warming, but made several key decisions relating to combating poverty in Africa. The eight leaders pledged to double the previously proposed aid of $25 billion to $50 billion a year by 2010. The group also confirmed an earlier announcement that they would cancel the debt of 18 countries, mostly in Africa, selected from among the 38 heavily indebted poor countries (HIPCs).

Additionally, $2 billion was earmarked for aid to the Palestine Nation. In addition to the increase in aid for Africa, the group announced universal access to AIDS treatment, committed to a peacekeeping force in Africa, and heard African leaders’ promises to move toward democracies that follow the rule of law.

Adriano Campolina Soares, head of ActionAid’s Americas office, stated her disappointment with the resolutions. “The G8 have completely failed to deliver trade justice. President George W. Bush and the European Union have played a cynical game of bluff. The US has no intention of giving up or lowering the massive subsidies it gives its cotton farmers, that are forcing 10 million farmers in West Africa out of business. Poor countries should take this as a warning that they will have a hard fight in the upcoming trade talks at the World Trade Organization.”

Jennifer Morgan, climate-change director for the World Wildlife Fund expressed frustration with the United States’ effort. “There’s been no movement from the Bush administration, even the very noble efforts of Prime Minister Blair to get President Bush to change his position have failed.”

U2 singer Bono sees it in a different perspective. “It’s worth stopping for a second and looking back down the valley of where we’ve come from, we jumped up and down when Live 8 raised $200 million, and now, to stop for a second, we are talking about $25 billion in new money.”

Live 8 organizer Bob Geldof described the summit as a “qualified triumph.”

Gordon Brown, British Chancellor of the Exchequer: “It makes you angry because there’s nothing in science or technology or medicine that should prevent us from tackling poverty. It’s a lack of political will and if Gleneagles is about anything it’s bringing together all the countries of the world – rich and poor – agreeing that we’ve got to take the action that’s necessary. That’s why I hope by the time Gleneagles is finished we can say that the timetable for action and poverty is one that will lead to great improvements by 2015.”

Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Wednesday, March 18, 2009

United States President Barack Obama stated Monday that insurance giant AIG is in financial trouble due to “recklessness and greed,” and called for legal action to stop the company from giving out millions of dollars in bonuses to its executives.

“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay,” Obama said. “How do they justify this outrage to the taxpayers who are keeping the company afloat.”

Obama’s statement comes after reports surfaced last weekend saying the insurance agency, which is in deep financial trouble, had paid US$165 million to executives in bonuses, after receiving $170 billion as part of a government bailout plan.

AIG has said that the bonuses have to be given out, as the company is legally required by contract to do so. A representative with the National Economic Council, Lawrence H. Summers, also said that the bonuses were required to be given out. If AIG had refused to give out the bonuses, employees could file a lawsuit against the company for the money.

“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” AIG CEO Edward M. Liddy said in a letter addressed to Treasury Secretary Timothy F. Geithner on Saturday.

Liddy said that he asked Geithner “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”

“I want everybody to be clear that Secretary Geithner’s been on the case,” Obama said. “He’s working to resolve this matter with the new CEO, Edward Liddy, who, by the way, everybody needs to understand, came on board after the contracts that led to these bonuses were agreed to last year.”

If the bonuses cannot be stopped, the U.S. Congress says they want AIG to reimburse the government. Congress is looking to impose stiff new taxes on the pay, or ordering the company to return the money which was originally granted from a government bailout. In a letter to House Speaker Nancy Pelosi on Tuesday, senator Richard Shelby promised that the treasury will recover all of the money. Several U.S. senators along with Liddy have sent letters to AIG asking for the bonuses to be renegotiated, something AIG agreed to and says they will reduce future bonuses by 30%. Senators state that if Libby does not respond by renegotiating the bonuses, the Senate Finance Committee will propose an excise tax. Not only will an excise tax be proposed on AIG, but all companies receiving bailout money and their employees who receive bonuses.

Numerous House Democrats have introduced legislation which would place a 100% tax on any bonuses of over $100,000 from companies that are receiving government bailout funds. Meanwhile in the Senate, a bipartisan proposal by Max Baucus (D-Montana) and Charles Grassley (R-Iowa) would levy a special 90% excise tax on AIG’s bonuses. Asked Senator Baucus, who chairs the Senate Finance Committee: “What is the highest excise tax we can impose that will stand up in court? Let’s find out.”

Saturday, August 2, 2008

A 54-year-old German farmer who lost both arms in a farming accident six years ago has become the first patient to receive a complete double arm transplant. The patient, whose name has not been released, underwent the operation at the Klinikum rechts der Isar, part of the Technical University of Munich (Technische Universität München), last week; he is said to be recovering well.

The operation lasted 15 hours and was performed by a team of 40 specialists in Plastic Surgery, Hand Surgery, Orthopedics and Anesthesiology, under the direction of the head of the Plastics and Hand Surgery department, Prof. Hans-Günther Machens, Dr. Christoph Höhnke (Head of Transplants, Senior Physician; Plastics and Hand Surgery) and Prof. Edgar Biemer, the former Chief of Plastic Surgery at the Clinic.

In a press statement released by the clinic, it was revealed that the patient had been thoroughly physically checked and had psychological counselling prior to the surgery to ensure he was mentally stable enough to cope with the procedure. Since completion of the surgery, the patient has been on immuno-suppressant drugs to prevent rejection of the new limbs.

Following the surgery, the press release from the clinic’s press manager, Dr. Tanja Schmidhofer, included the following statement:

Without the immuno-suppressant drugs given to the patient, the risk of there being a Graft-versus-Host Reaction or GvHR, would have been significant due to the upper arm containing a large amount of bone marrow, consisting of ICC’s or Immuno-Competent Cells, which would have triggered a near total rejection of the new limbs. A GvHR is a condition which results in the cells from the transplant attacking the immune system of the body.

Indications from the clinic suggest that the double attachment went well, although it could be up to 2 full years before the patient is able to move the arms.

The donor arms came from an unnamed teenager, who is believed to have died in a car accident.

Monday, October 1, 2007

Kate Holloway is running for the Ontario Liberal Party in the Ontario provincial election, in the Trinity-Spadina riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.