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Thursday, September 20, 2007

The U.S. economy and its currency as an instrument of world trade has suffered a series of major setbacks in recent months. Some analysts say that the Federal Reserve‘s September 18^th dramatic rate cut to 4.75% from 5.25% may be a case of “too little, too late”, or that it was excessive and dooms the dollar.

Today, Saudi officials declined to cut interest rates in lockstep with the US Federal Reserve for the first time in decades. According to Ambrose Evans-Pritchard, International Business Editor for The Daily Telegraph, “it’s a signal that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.”

Hans Redeker, the Currency Chief at BNP Paribas, also stated today that Saudi Arabia’s move to not adjust their own interest rates in sync with the Fed’s cuts is a very dangerous situation for the US dollar. Redeker points out that “Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States.”

Saudi central bank officials said that “appropriate measures” would be taken to stop the large capital inflows into the country. The Federal Reserve’s half-point rate cut has already caused a plunge in the world dollar index to a fifteen-year low, reaching the weakest level ever against the Euro at just under $1.40.

The Fed hopes that by making it cheaper to borrow, people will start spending and investing more. However, some analysts fear the cut will worsen inflation, making it harder to get personal loans, and further decrease confidence in the dollar around the world. There are already signs that global investors have started rejecting U.S. Treasury securities, and recent U.S. government data on foreign holdings show a decline in purchases of US securities from $97bn to just $19bn in July.

In response to Ben Bernanke‘s statements today about a potential mortgage and housing market crisis, CNN anchor Wolf Blitzer said, “If adjustable mortgage rates go up, people may not be able to afford their mortgage payments.” Former Federal Reserve chief Alan Greenspan said earlier this week that housing prices may fall by “double digits” as the subprime crisis bites harder, prompting households to cut back sharply on spending.

Jim Rogers, the economic commentator and former partner of George Soros, stated, “If Ben Bernanke starts running those printing presses even faster than he’s already doing, we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems.”

In recent months, the U.S. dollar has taken several other significant hits including Kuwait’s decision in May to also break its dollar peg, and threats by China to interfere with the U.S. economy, calling it their nation’s “nuclear option”. According to public sources, the Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions that seek to force a Yuan revaluation.

A compilation of brief news reports for Monday, July 8, 2013.

Wednesday, August 22, 2007

An 11-year-old boy has died after being shot in the car park of the Fir Tree pub in the Croxteth area of Liverpool, shortly after 1930 BST. An eyewitness, who had been drinking outside the pub at the time, said the boy was one of three playing football in the car park when a teenager, believed to be male, on a BMX bicycle fired three shots at the group from approximately 30 metres away, one hitting the victim in the neck. The other shots missed the boys, one hitting a car. The boy’s mother was called to the scene as people came out of the pub to help him. Other witnesses have suggested the incident may be gang-related.

A spokesman for North West Ambulance Service said: “We treated an 11-year-old with serious gunshot wounds.” He added the boy was taken to Alder Hey Children’s Hospital, but police later confirmed he had died. Officers have sealed off the scene, including a neighbouring street of shops. There have currently been no arrests in connection with the shooting.

In an appeal to the local community to help catch the killer, Merseyside Police Assistant Chief Constable Simon Byrne said: “Someone out there knows who put the gun in his hand and I want your help to get the community to turn that gunman in tonight. This is quite an awful crime, quite senseless, and the community holds the clue to solving this crime quickly. You can only imagine the heartache of the family that’s been ripped apart.”

Local councillor Rose Bailey, who lives nearby, also appealed for people with information to come forward, saying: “It sends shockwaves through the community of Croxteth and really it must be devastating. To think your young son is out playing football and then to get a call to say he’s been shot, I really don’t know as a parent how you would handle that.”

The area around the pub was made a “designated area” by police last year, meaning officers could disperse groups and move people away from the area.

The incident is another in a growing list of shootings of minors, many gang-related, in the UK’s major cities in 2007.

Sunday, October 22, 2006

With online gaming in persistent worlds becoming more prevalent, a US congressional committee has begun to look into the tax implications of these booming online economies. Games such as World of Warcraft and Second Life have large player driven economic systems in which – either following the rules or against them – real world currencies are exchanged for in-game currencies. With the GDP of some of these economies rivaling that of some small countries, the US government is wondering if it is missing out on a potential source of tax revenue: or as some gamers might put it, the IRS is asking “You buy gold?”.

In cases where exchange of a real world currency for in-game currency is permitted by the rules of the game, some of these online games such as Second Life require that players report any income generated by these means to his or her government. In most on-line games however, a black market exists where players buy and sell in-game currencies in direct violation of the game’s rules; situations involving black markets are notoriously hard to tax.

Compounding the issue of currency exchange is the existence of in-game assets. In the real world if someone wins a luxury vehicle, he or she is expected to pay a capital gains tax on his or her winnings. If a 40 person “raid” in World of Warcraft gets a rare “drop,” worth up to thousands of dollars if sold illegally, should they be required to pay a capital gains tax?

Even if the issue of capital gains is ignored, there is still the matter of sales tax. In many of these games, non-player characters and players alike sell items to one another. If sales tax is to be applied, at what rate should it be charged and to what State does it go? Questions such as these have just recently been answered in much less hazy situations such as online versions of brick and mortar establishments.

Dan Miller, senior economist for the Joint Economic Committee had this to say on the issue, “I found that talking about this issue with some of the other economists on the committee, they are not really familiar with what a virtual economy is. The idea of Second Life or World of Warcraft or some of these other synthetic universes, they have trouble wrapping their head around it. So there’s an educational hurdle to overcome here.”

The preliminary findings of the committee state that virtual economies deserve clarification of existing tax laws, not new taxes.

Monday, October 5, 2009

Thousands of rebels in Nigeria’s volatile Niger Delta have surrendered their weapons, after they accepted a government offer of amnesty, reports say.

Local rebel leader Government Tompolo arrived in Warri on Sunday, after promising to support Nigerian president Umaru Yar’Adua in return for a pardon. He was among the heads of the Federated Niger Delta Ijaw Communities (FNDIC), blamed for halting a large portion of oil in 2003 from the Nigerian west delta.

The leader of another group, the Ijaw Niger Delta Vigilantes, Ateke Tom, and five thousand fighters also surrendered arms in the city of Port Harcourt. However, Tom said that his group would restart attacks if the Nigerian government did not follow up on their promise to invest in the area, saying that “if they refuse to develop our region we will go back to the creeks.”

Other rebel groups had refused to disarm until their main demands were discussed, but the government said it was unwilling to negotiate until weapons were surrendered. Niger Delta’s religious and community leaders had mounted pressure on the militants to embrace the peace process.

With their disarmament, the government’s pledge to resolve years of violence that has stopped the flow of one million barrels of oil per day appears to be on course. President Umaru Yar’Adua, whose 60-day amnesty offer commenced on August 6, said that the government is keen to build upon the success so far achieved.

Since 2006, militant activities have crippled operations of oil companies in southern Nigeria, resulting in a steep decline in production. Nigeria, one of Africa’s two biggest oil producers, derives more than 90 percent of its foreign exchange earnings from oil.

Monday, July 6, 2009

The Obama administration has given the National Security Agency powers to screen private Internet traffic going to and from government sites, and will use AT&T telecommunications as a likely test site. The Obama administration remains firm in this decision, which was put forth during the Bush administration.

The agency defends military networks with a classified system named Tutelag, which decides how to handle malware intrusions (for example, whether to block them or to investigate more closely). “We absolutely intend to use the technical resources, the substantial ones, that NSA has,” said Janet Napolitano, Secretary of the United States Department of Homeland Security (DHS). DHS’s intrusion detection program, Einstein version 3, is in development as version 2 is being deployed. The program defends all U.S. government agencies and departments.

DHS spokeswoman Amy Kudwa said, “We are moving forward in a way that protects privacy and civil liberties.”

AT&T, the chosen test site under Bush, sought assurance from the Obama administration to determine what elements of Einstein 3 to preserve. AT&T officials declined to comment.

In 2006 the Electronic Frontier Foundation filed the class action lawsuit Hepting v. AT&T—currently awaiting decision—against AT&T, which under the Bush administration permitted the NSA to look at domestic communications without a warrant. NSA’s intelligence gathering is limited only to foreign communications.

“We came away saying they have a lot of work in front of them to get this done right,” Ari Schwartz of the Center for Democracy and Technology (CDT) said. “We’re looking forward to their next steps.”

Schwartz authored a letter on Einstein to the Office of Management and Budget in December 2008 on behalf of the Information Security and Privacy Advisory Board.

NSA director Keith B. Alexander said in April 2009 that the NSA will help, but does not want to take charge. Several people—including Rod Beckstrom, who resigned over the issue as head of the National Cyber Security Center (NCSC); Bruce Schneier of BT Counterpane; Leslie Harris, president and CEO of CDT—and not Dennis Blair, Director of National Intelligence—have urged the Obama administration to keep the Department of Homeland Security in charge despite its low scores, because, they claim, the NSA is a spy agency.

Monday, April 6, 2009

98 people, including 24 children, were found Saturday by Italian police in the sewer system of Rome.

The Afghan youths were reported to be between the ages of 10 and 15. According to the newspaper La Repubblica, the children had stowed away on trailer trucks traveling from Turkey and Greece. They had spent nights sleeping in a standing position in filthy sewer pipes after removing the manhole covers and some of them were found in a sickly condition.

There had been reports to the police of children under the Ostiense train station, a common place for the homeless to seek shelter on cold nights.

The children, who do not speak Italian, are under the care of Rome’s Social Services. Efforts are being made by interpreters to identify the children who traveled without parental care.

Save the Children said that Afghan minors in Rome have increased to 264 in 2007 from 32 in 2004.

Friday, May 11, 2012

Two years after a skydiving plane crashed in New Zealand, killing all nine on board, a report has blamed overloading for what was the nation’s worst air accident for seventeen years. The modified aircraft was unable to handle a full complement of eight passengers.

Five locals and four foreign tourists died when the FU-24 crashed on takeoff at Fox Glacier. Eyewitness accounts said the plane took off earlier than normal, pitching up steeply before falling from a high of about 100m (330ft). It struck the ground nose-first.

The report by New Zealand’s Transport Accident Investigation Commission (TAIC), after an investigation led by Ian McClelland, says the aircraft did not accumulate sufficient airspeed before it took off. It further notes that the plane’s centre of gravity was far to the rear. The plane had been converted three months prior from an agricultural aircraft and this had not been performed well, according to the TAIC.

TAIC go on to say the Civil Aviation Authority failed to spot paperwork discrepencies when approving the modified aircraft. “As a result the aeroplane was being flown outside its loading limits every time it carried a full load of eight parachutists,” said the report. It was “an accident waiting to happen”.

Graeme Harris, the nation’s head of civil aviation, described weight checks as “basic airmanship, taught to every student pilot” and noted all pilots are responsible for conducting them. “It is very sad that a critical element of pre-flight planning, which should be second nature to any pilot, appears to have been done so poorly. This is an accident that no pilot should ever forget.”

The local victims were Adam Bennett, 47, Michael Suter, 32, Christopher McDonald, 62, and Rodney Miller, 55, who were professional skydivers, and pilot Chaminda Senadhira, 33. The foreign victims were Irishman Patrick Byrne, 26, Australian Glen Bourke, 18, German Annita Kirsten, 23, and Briton Brad Coker, 24.

Chris Coker, Brad Coker’s father, has urged NZ Prime Minister John Key to increase regulation. The local Civil Aviation Authority has already decreed no FU-24 should carry more than six individually weighed passengers as a result of the crash, and last year introduced a law aimed at tightening up adventure flight regulation. The stricter rules came into effect earlier this month.

The TAIC report reminded pilots to calculate weights individually for each aircraft, as even two planes of the same model can differ. It further notes aircraft modification is “a safety-critical process that must be done in strict accordance with rules and guidelines and with appropriate regulatory oversight”.

Wednesday, June 16, 2021

In early May, Wikinews extended an invitation to Vitaly Filipchenko, an independent candidate in the 2021 New York City mayoral election, set to take place November 2nd, alongside other candidates. Filipchenko answered some questions about his policies and campaign during a phone interview.

Filipchenko, registered on the New York City Campaign Finance Board as Vitaly A. Filipchenko, is the first Russian candidate for New York City mayor, being born in Tomsk, Siberia in 1973, according to news agency Sputnik. He has since naturalised as a United States citizen. According to the web site, Filipchenko has been educated in road construction and maintenance and owns a moving services company; he describes himself on his web site as a “small business owner”. On his web site’s platform page, he says that “[m]y English may not be perfect – but my platform is.”

Incumbent Democrat mayor Bill de Blasio, who won re-election in the 2017 New York City mayoral election by 66.5%, cannot run for a third term under term limits. As of April 28, 22 candidates are currently running, the majority of whom are also Democrats. Ahead of the June Democratic primary for New York City mayor, a poll conducted May 23 and 24 by WPIX and Emerson College of 12 Democratic candidates with a margin of error of 3.2 per cent has former commissioner for the New York City Department of Sanitation Kathryn Garcia and Borough President of Brooklyn Eric Adams leading with 21.1% and 20.1%, respectively.

Friday, September 14, 2007

The Kennedy Center announced that its 30th presentation of the Kennedy Center Honors would go to pianist Leon Fleisher, comedian Steve Martin, singer Diana Ross, director Martin Scorsese and musician Brian Wilson. The Center was opened to the public in 1971 and was envisioned as part of the National Cultural Center Act, which mandated that the independent, privately-funded institution would present a wide variety of both classical and contemporary performances, commission the creation of new artistic works, and undertake a variety of educational missions to increase awareness of the arts.

In a statement, Kennedy Center Chairman Stephen A. Schwarzman said that “with their extraordinary talent, creativity and perseverance, the five 2007 honorees have transformed the way we, as Americans, see, hear and feel the performing arts.”

Fleisher, 79, a member of the Peabody Institute‘s music faculty, is a pianist who lost use of his right hand in 1965 due to a neurological condition. He became an accomplished musician and conductor through the use of his left hand. At 67, he regained the use of his right hand. With the advent of Botox therapy, he was once more able to undertake two-hand performances in 2004, his first in four decades. “I’m very gratified by the fact that it’s an apolitical honor,” Fleisher said. “It is given by colleagues and professional people who are aware of what [an artist] has done, so it really is apolitical — and that much more of an honor.”

Martin, 62, a comedian who has written books and essays in addition to his acting and stand-up comedy career, rose to fame during his work on the American television program Saturday Night Live in the 1970’s. Schwarzman praised his work as that of a “renaissance comic whose talents wipe out the boundaries between artistic disciplines.” Martin responded to the honor saying, “I am grateful to the Kennedy Center for finally alleviating in me years of covetousness and trophy envy.”

Ross, 63, was a product of Detroit‘s Brewster-Douglass Projects when as a teeager she and friends Mary Wilson and Florence Ballardis formed The Supremes, a ground-breaking Motown act. She portrayed singer Billie Holiday in the 1972 film Lady Sings the Blues, which earned her an Oscar nomination and a Golden Globe award. “Diana Ross’ singular, instantly recognizable voice has spread romance and joy throughout the world,” said Schwarzman. Ross said she was “taken aback. It is a huge, huge honor and I am excited to be in this class of people.”

Scorsese, 64, is one of the most accomplished directors the United States ever produced, whose work includes Mean Streets, Taxi Driver, GoodFellas, Cape Fear, The Last Temptation of Christ and The Departed, for which he won a 2006 Academy Award for Best Director after being nominated eight times. Scorsese said, “I’m very honored to be receiving this recognition from the Kennedy Center and proud to be joining the company of the very distinguished individuals who have received this honor in years past.”

Wilson, 65, along with his brothers Dennis and Carl, formed the Beach Boys in 1961. They had a series of hits that included “Surfin’ U.S.A.” and “Wouldn’t It Be Nice.” Their 1966 album Pet Sounds is considered one of the most influential recordings in American music. “This is something so unexpected and I feel extremely fortunate to be in the company of such great artists,” said Wilson, who is currently on tour.

The Kennedy Center’s board of trustees is responsible for selecting honorees for “lifetime contributions to American culture through the performing arts.” Previous honorees, including Elton John and Steven Spielberg, also submitted recommendations. A wide variety of people were under consideration, including Emanuel Ax, Evgeny Kissin, Renee Fleming, Laurence Fishburne, Francis Ford Coppola, Melissa Etheridge and Kenny Chesney.

President Bush and first lady Laura Bush will attend the center’s presentation at its opera house on December 2, 2007, which will broadcast on December 26 on CBS.