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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.

Friday, November 3, 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 Beaches—East York (Ward 32). Four candidates responded to Wikinews’ requests for an interview. This ward’s candidates include Donna Braniff, Alan Burke, Sandra Bussin (incumbent), William Gallos, John Greer, John Lewis, Erica Maier, Luca Mele, and Matt Williams.

For more information on the election, read Toronto municipal election, 2006.

Wednesday, April 18, 2007

Natural Balance Pet Foods has recalled some of its wet and dry food for cats and dogs after several owners said that their pets were becoming sick. The company urges owners to stop feeding their pets the food immediately.

The brands recalled include Venison & Brown Rice Dry Dog Food and Venison & Green Pea Dry Cat Food.

Last month, Menu Foods recalled all of its 60 million products of dry and wet dog and cat food after pets began to fall ill and in some cases died of kidney failure.

“Natural Balance, Pacoima, CA, is issuing a voluntary nationwide recall for all of its Venison dog products and the dry Venison cat food only, regardless of date codes. The recalled products include Venison and Brown Rice canned and bagged dog foods, Venison and Brown Rice dog treats, and Venison and Green Pea dry cat food. Recent laboratory results show that the products contain melamine. We believe the source of the melamine is a rice protein concentrate. Natural Balance has confirmed this morning that some production batches of these products may contain melamine,” said a press released issued by Natural Balance.

The FDA states that the “investigation remains open and active, and the agency continues to follow leads to get closer to the root cause of the problem and to ensure that all contaminated product is removed from the market.”

“The source of the melamine appears to be a rice protein concentrate, which was recently added to the dry venison formulas. Natural Balance does not use wheat gluten, which was associated with the previous melamine contamination,” said the press release.

Bags, cans and zip lock bags of the food are expected to be the most affected.

“The products are packaged in bags, cans and zip lock treat bags and sold in pet specialty stores and PetCo nationally. No other Natural Balance products are involved in this voluntary recall as none of our other formulas include the rice protein concentrate,” added the press release.

The company states that the food, Venison & Brown Rice Dry Dog Food and Venison & Green Pea Dry Cat Food, are the only brands affected by the recall.

Friday, April 9, 2010

U.S. President Barack Obama and Russian President Dmitri Medvedev have signed a treaty to reduce their countries’ nuclear stockpiles by 25 to 30 percent over seven years.

In the Spanish Hall, an ornate chamber within the Czech capital’s Prague Castle, the two countries, which own more than 90 percent of the world’s nuclear weapons, agreed to downsize their arsenals.

Presidents Obama and Medvedev sat in front of U.S. and Russian flags and signed their countries’ first major nuclear arms reduction accord in almost two decades.

The new ten-year pact, which is called the “New START Treaty”, requires the U.S. and Russia to cut their inventory of nuclear warheads to about 1,500 each in the next seven years. Both countries are estimated to have well over 2,000 warheads now.

The agreement also slashes by more than half the number of missiles, submarines and bombers that carry the weapons.

The pact replaces the 1991 Strategic Arms Reduction Treaty (START I), which was signed by U.S. President George H.W. Bush and Soviet President Mikhail Gorbachev in the final days of the Soviet Union. START I expired in December of last year. The treaty complements the other two nuclear arms reduction treaties signed by the United States and Russia, which where the 1993 Russia, which where the 1993 START II treaty and the 2002 Moscow Treaty also known as SORT.

Obama said the treaty is a big step forward for world security. “Today is an important milestone for nuclear security and nonproliferation and for U.S.-Russia relations,” he said.

Medvedev said because of this treaty, the entire world community has won. The Russian leader said the year-long negotiations were tough, but hard work on both sides brought success.

“That enabled us to do something that just a couple of months ago looked like ‘mission impossible.’ Within a short span of time we prepared a full-fledged treaty and signed it,” he said.

Obama says, in addition, that the treaty paves the way for future arms reduction talks with Russia, mainly on short-range nuclear weapons. “This treaty will set the stage for further cuts, and going forward, we hope to pursue further discussions with Russia on reducing both our strategic and tactical weapons, including non-deployed weapons,” he said.

Tom Collina, research director at the Arms Control Association, says the new treaty is significant in reducing the threat from U.S. and Russian nuclear weapons, but more significant because it could lead to further cuts.

“We think we can even go to deeper reductions, and we hope they sign a new treaty after this one relatively soon. But this treaty is a great step forward, it is very important, and it puts U.S. and Russian arms control back on a firm footing, and, again, sets us up for deeper cuts,” he said.

The signing of the “New START” treaty is one of several arms control developments taking place in several weeks.

Earlier in the week, President Obama announced a major shift in U.S. nuclear policy. He said for the first time that preventing nuclear proliferation and nuclear terrorism is at the top of the U.S. nuclear agenda. The threat of destruction by Russian warheads is now considered a secondary menace.

Under Obama’s nuclear posture review, the U.S. pledges not to use nuclear weapons on non-nuclear countries that abide by their nonproliferation obligations.

Frank Gaffney, a former arms control adviser to President Ronald Reagan, says the president’s nuclear posture review is based on a false and dangerous premise. “The idea that he can, by reducing America’s nuclear arsenal, contribute to the universal abandonment of nuclear weaponry. It will not happen. It will not happen on his watch. It will not happen ever,” he said.

Obama also plans to hold a conference on nuclear security next week in Washington, D.C..

In their hour-and-a-half meeting before the ceremony, President Obama urged Medvedev to support new U.N. sanctions against Iran for its refusal to stop enriching uranium. The Russian leader said the issue is not whether to impose sanctions, but what kind of sanctions.

“Smart sanctions should be able to motivate certain parties to behave properly, and I am confident that our teams that will be engaged in consultations will continue discussing this issue,” he said.

Obama said, “We are working together at the United Nations Security Council to pass strong sanctions on Iran and we will not tolerate actions that flout the NPT (Nuclear Non-Proliferation Treaty).” He added, “My expectation is that we are going to be able to secure strong, tough sanctions on Iran this spring.”

The nuclear treaty is almost certain to be approved in the Russian Duma. However, Russian Foreign Minister Sergei Lavrov has said Russia reserves the right to drop out of the pact if it believes U.S. missile defense plans for Europe threaten its security.

Many experts agree passage in the U.S. Senate is not as certain, but that its prospects are good. To ratify the treaty, it will require 67 votes, to pass it will require Republican votes. Republicans in the Senate have expressed concerns that too many restrictions have been placed on America’s nuclear arsenal.

However, Obama is confident the treaty will be ratified when asked during a press conference following the signing. Obama stated, “And so I’m actually quite confident that Democrats and Republicans in the United States Senate, having reviewed this, will see that the United States has preserved its core national security interests, that it is maintaining a safe and secure and effective nuclear deterrent, but that we are beginning to once again move forward, leaving the Cold War behind, to address new challenges in new ways.”

Obama also noted, “[T]hat both in Russia and the United States, it’s going to be posed on the Internet, appropriate to a 21st century treaty. And so people not only within government but also the general public will be able to review, in an open and transparent fashion, what it is that we’ve agreed to.” Copies of the treaty and it’s protocol have been posted on the State Department’s website.

Friday, May 6, 2005

A Sydney bus driver dropped off a group of Mater Maria Catholic College school children at a Brookvale bus depot on Thursday, rather than following the normal route near their homes. The Rail, Tram and Bus Union said the incident occurred because the children were misbehaving and racially taunting the driver for a second day in a row. Parents of some of the Warriewood children have conceded that this did occur.

Some parents accused the driver of kidnapping their children, and asked police to press charges. The New South Wales State Government asked to see the CCTV footage, which does not include audio, as part of an inquiry into the incident.

Transport Minister John Watkins dismissed this as an overreaction. “To call it kidnapping or criminal behaviour is right over the top,” he said.

The union intends to support the driver, saying that he acted responsibly under the circumstances, and the children were safe at all times.

The opposition transport spokesman Peter Debnam has said that this is not an isolated incident, especially in rural areas, and accused Premier Bob Carr of spinelessness for not supporting bus drivers.

Sunday, October 7, 2007

There are two things one can expect on a trip to see Michael Musto at the offices of the Village Voice: a 20-minute round-trip wait for the elevator and rapid fire answers from one of the most recognizable gossip columnists in the United States. Musto, in addition to his appearances on Countdown with Keith Olbermann and the E! network, has been writing his column for the Voice since 1984. He has recently compiled the best of them in a book released this year titled, La Dolce Musto: Writings by the World’s Most Outrageous Columnist. He was Carrie Bradshaw, replete with a prodigious use of puns, before Sex in the City was a thought. His column is a romp through his life, spats and opinions on socio-political issues. As David Thigpen of the Chicago Tribune wrote, Musto is “a funny and caustic satirist who masquerades as a gossip and nightlife columnist.”

Musto, a Columbia University graduate, is a rarity in today’s celebrity world: he is accessible. He often corresponds with his readers and his public functions are a mix of parties, nightclubs, academic lectures, university panels and film premieres.

He is friendly and frank, and he welcomes people to join him in his world (“I just got a message that Michael Lucas died!” he says staring wide-eyed at his phone; the message turned out to be false). Wikinews reporter David Shankbone spoke with Musto about his life and his relationship to the world of celebrity journalism. And he did not hold back.

Saturday, March 13, 2010

A Nigerian airplane crashed in the city of Port Harcourt yesterday, resulting in several minor injuries.

The plane was supposed to be taking part in a mock rescue exercise, and was carrying 30 members from the National Emergency Management Agency and other emergency workers, when it slid off the runway and into some bushes after landing at Port Harcourt International Airport.

The rescue workers on the ground, intended to participate in the emergency drill, instead had to deal with a real emergency; however, only a few people on board the aircraft sustained minor wounds.

A spokeswoman for the police, Rita Inoma-Abbey, commented today that “[n]o life was lost, but the aircraft was severely damaged.”