Sunday, January 24, 2021

The World Trade Organization (WTO) ruled in favour of South Korea on Thursday over what it deemed excessive US tariffs on some of its products.

The eight duties, covering large power transformers and four grades of steel, were enacted in 2012 and 2016, during the Barack Obama administration. The US Department of Commerce defended the high rates, ranging from 9.49 to 59.72% on steel and 60.81% on transformers, by citing the “adverse facts available” (AFA) provision.

The AFA calls on accused companies to provide comprehensive information, or otherwise face significant anti-dumping and countervailing tariffs. After negotiation failed, South Korea formally filed a suit with the global trade body in February 2018.

A three-person WTO panel concluded the US Commerce Department had failed to specify in detail what information South Korean companies were to supply, and improperly ignored or rejected some of what was submitted. The tariffs imposed on Hyosung Heavy Industries, Hyundai Electric & Energy Systems, Hyundai Steel, and POSCO, therefore, were considered inconsistent with WTO guidelines.

However, the panel did not uphold South Korea’s claim US authorities had an “unwritten measure” encouraging its use of adverse facts to justify higher duties.

The United States may appeal within 60 days. However, due to restrictions imposed by former President Donald Trump on the Appellate Body, it has less than a quorum.

The European Union joined the case, citing as justification the plight of British, Dutch, and Italian steelworkers under US practice.

A 2018 ruling between the United States and Canada also found evidence of negligence involving the provision.

Monday, August 31, 2009

A study performed at Edinburgh University, Scotland has shown that aspirin may do more harm to your health than good.

The research at the university in Scotland was to assess the effects of taking aspirin on a daily basis where no prior or existing medical conditions would merit its prescription. The researchers monitored 3,350 patients aged between 50–75, who were thought to be at risk of heart disease, but did not show any significant symptoms at the start of the study. Over an eight-year time period, 181 of those people taking aspirin had heart attacks or strokes.

More than 3,000 men aged 50–75 were randomly assigned to receive a daily dose of aspirin or a placebo pill and were watched over the eight year time period. There were 34 major bleeds in people taking aspirin, or 2%, in comparison to 1.2% of those who took the placebo. The Aspirin for Asymptomatic Atherosclerosis (AAA) have found that the routine use of aspirin does not prevent vascular disease or conditions and the use of it “could not be supported.”

Peter Weissberg, a professor at the British Heart Foundation, the company which was partly responsible in funding for the trials said, “we know that patients with symptoms of artery disease, such as angina, heart attack or stroke, can reduce their risk of further problems by taking a small dose of aspirin each day. The findings of this study agree with our current advice that people who do not have symptomatic or diagnosed artery or heart disease should not take aspirin, because the risks of bleeding may outweigh the benefits. Because it’s been around for a long time, people think, ‘It must be safe and it can’t do any harm’. They are taking it ‘just in case’ but it’s much more dangerous than some other drugs that people get concerned about, like statins.”

Professor Gerry Fowkes presented the research from the University of Edinburgh at the European Society of Cardiology congress in Barcelona, Spain, which was attended by more than 30,000 heart specialists.

“Our research suggests that aspirin should not be prescribed to the general population, although it does have benefits for people with established heart disease or other conditions,” stated Fowkes.

Wednesday, June 20, 2007

A study published on June 18 in the American Proceedings of the National Academy of Sciences has found a link between the consumption of foie gras and other meat products and a number of diseases, including Alzheimer’s disease, rheumatoid arthritis, diabetes mellitus type 2, tuberculosis, and amyloidosis. The link exists in genetically susceptible individuals.

The study was lead by Alan Solomon, M.D., a professor and researcher at the University of Tennessee Graduate School of Medicine and the director of the Human Immunology and Cancer / Alzheimer’s Disease and Amyloid-Related Disorders Research Program. Amyloidoses are a group of disease states caused by the deposition in vital organs of proteins in the form of fibrils, causing a range of symptoms such as swelling and kidney damage. The deposition of amyloid beta in the brain is central in the origin of the disease process of Alzheimer’s disease. Foie gras is made from the livers of ducks or geese that have been force-fed.

According to Solomon, “we posit that this and perhaps other forms of amyloidosis may be transmissible, akin to the infectious nature of prion-related illnesses [such as mad cow disease]. In addition to foie gras, meat derived from sheep and seemingly healthy cattle may represent other dietary sources of [the fibrils]. People with a family history of Alzheimer’s disease, diabetes, rheumatoid arthritis or other amyloid-associated diseases should avoid consuming foie gras and other foods that may be contaminated with fibrils,” continued Solomon.

Thursday, November 16, 2006

Buffalo, New York —A proposed hotel that was supposed to be built at the corner of Elmwood and Forest Avenues in Buffalo, New York is apparently off the table. The former proposal was going to be called The Elmwood Village Hotel and would have consisted of 72 rooms and cost between $7 to $10 million American dollars to build.

Today several unknown individuals were seen removing a sign that was dedicated to the “Elmwood Village Gateway,” which signifies the beginning of the Elmwood Village at the formerly proposed project’s location.

Nearly an hour later the men replaced the sign with a different and unexpected sign: “For Sale: 5 commercial parcels and 1 carriage house, By: Owner.” Those 5 “parcels” are 1109-1121 Elmwood and 999 Forest Avenue, which is located in an illegal alley, according to the City of Buffalo, behind the 5 other properties on Elmwood. Hans Mobius owns all properties named in the sale.

Sam Savarino, CEO of Savarino Companies never owned the properties and has repeatadly told Wikinews in exclusive interviews that he still had a “contract to buy the properties” and on October 2, 2006 told Wikinews in an exclusive interview that he “extended” the “agreement to purchase the property[s] and will have it under contract for what we hope is a sufficient period of time.”

“He [Mobius] is undoubtedly concerned because he has lost some tenants and is a bit impatient. I think he has properly portrayed the situation,” said Savarino in an exclusive interview with Wikinews.

Savarino also says that there may be “legal issues” to work out now, before anything else can move forward, regarding the proposal.

“There are some legal complexities that must be sorted out before anything can happen there,” added Savarino.

The welcome sign was; however, not removed entirely. The sign was placed, facing the same direction of north, on the side of the Forest Plaza Art Gallery, a new art gallery located on the corner of Forest and Elmwood.

Nancy Pollina, owner of Don Apparel which was located at 1109 Elmwood, but closed on October 14, 2006 considers this a possible “victory” in regards to the lawsuit filed against the hotel to stop it from being built, alleging that several laws were broken, including not performing an Environmental Impact Study before the proposal was approved by the city, during its approval and the proposal was “rushed.” Patricia Morris, who operates Don Apparel with Pollina, Angeline Genovese and Evelyn Bencinich, owners of residences on Granger Place which abut the rear of the proposed site, Nina Freudenheim, a resident of nearby Penhurst Park, and Sandra Girage, the owner of a two-family residence on Forest Avenue less than a hundred feet from the proposed hotel’s sole entrance and exit driveway, were also plaintiffs in the lawsuit. They filed the suit with a lawyer representing them, Arthur J. Giacalone, on April 25, 2006 in New York State Supreme Court, but the case has never gone to a courtroom.

Giacalone believes that a press release issued in July regarding the project was nothing but a statement to “save face,” but that the placement of the for sale sign might be a way of convincing Savarino to speed up the sale of the properties.

“I thought all along that Savarino’s July press release might be no more than an effort to save face. But we have no way of knowing. Similarly, Mobius might have put the for-sale sign up in an attempt to pressure Savarino into closing the deal. There’s no way to tell,” said Giacalone in an exclusive interview with Wikinews.

In regards to the lawsuit, Giacalone thinks it may now be in “limbo.”

“The lawsuit still sits in limbo,” added Giacalone.

Sunday, November 7, 2010

The Indian stock market ended at an all time high on the Diwali 60-minute Special trading session on Friday. Diwali trading is arranged every year on the festival of Diwali to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity; it is also seen as welcoming the New Year of the Samvat calendar. The Samvat calendar is 56.7 years ahead (in count) of the solar Gregorian calendar.

The benchmark 30-share Bombay Stock Exchange Sensitivity Index, Sensex, rose 0.53% or 111.39 points to a record close of 21,004.96. Sensex closes above 21k pts for the first-time in its 135 years history.

Indian markets have attracted about USD 26.74 billion this year of investment from foreign institutional investors. The sale of a 10% stake in Kolkata-based Coal India last month was the biggest share sale in Indian history and banked the government 3.4 billion dollars. Coal India has risen 43 percent since listing at the stock exchanges this week.

According to Mr. Rakesh Jhunjhunwala “This will continue for long periods of time. If you look at India we are 3% to 4% of world GDP, we are not even 0.5% of USD 30 to USD 35 trillion in the investment of institutions worldwide in equities. Our share is USD 250 billion, USD 200 billion may be and it could go up to USD 1 trillion. So I see no reason why money will not come. Don’t forget one thing that India is an open country. Indian companies have return on equity. Among the emerging markets we have the best corporate governance. We are well regulated; we have got good trading systems. Why will the money not come you tell me?” Mr.Rakesh Jhunjhunwala is tagged by the media as “India’s Warren Buffett”.

Thursday, June 4, 2009

The fourth annual Maker Faire took place this past weekend at the San Mateo Fairground in San Mateo, California located in the United States. The first Maker Faire, which took place in 2006, had approximately 20,000 people in attendance. This year, more than 80,000 people were expected to attend; quadruple the attendance of just four years prior. On Saturday night, it was reported that attendance was up considerably over last year’s event.

Maker Faire, the self-declared “World’s Largest DIY Festival”, offers a forum where hundreds of makers and crafters alike man booths where they display their work. In the main halls alone, there were hundreds of booths. Outside the expo halls, the surrounding area was also filled with many interesting projects, some of which were mobile. In addition to all of the projects on display, there were a number of on-stage presentations. The biggest presentation of the weekend was given by Adam Savage who spoke on the topic of his “Colossal Failures”. During his talk, the Fiesta Hall was filled to capacity.

The theme for this year’s fair was “Remake: America” after President Obama‘s call to “begin again the work of remaking America”. In addition, “going green”, alternative fuel vehicles, crafting, steampunk and sciences for the young, were common themes found throughout the fair.

Thursday, March 29, 2007

Eswar Prasad, a professor at the trade policy from the Cornell University, warns the United States legislators, that their bill could poison the relationship between USA and China.

This warning was given regarding the U.S. bill, which is meant to force China to raise the value of its national currency yuan. Currently yuan has a value, which is about 40% lower than it should be, as stated by the legislators, which gives the Chinese trading companies a huge advantage on the international trading ground.

Professor Prasad, who was a China trade expert and an economist at the International Monetary Fund until late last year, said that this bill would not have a long lasting effect and would not influence the problems the legislators are trying to avoid.

The opinion of the China trade specialist was that the USA should try to collaborate with Chinese officials in order to fix the problem of U.S. trade deficit and the current instabilities in the Chinese economy. The strategy to force the Chinese Government to do something would only worsen the relationship between the two countries.

The expert’s opinion was it was more important to concentrate on the question what framework of the monetary policy could substitute the fixed exchange rate of the Chinese currency, which helped China in anchoring the inflation expectations.

Mr. Prasad added that the best way to stabilize the Chinese economy would be to couple an inflation objective with a flexibility of exchange rate.

The bill needs two thirds of the votes both in the U.S. House of Representatives and in the Senate, in order President George W. Bush would not have the possibility to veto the bill.