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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.

Thursday, June 12, 2008

A large forest fire that started on Monday, June 9 is still out of control in the municipality of Froland in southern Norway. The fire is the largest forest fire to occur in Norway since World War II.

The fire has spread extensively and it is estimated that approximately 2,500 acres of forest have been damaged. Approximately 15 cabins are reported to have burned to the ground, but as of yet, no permanent dwellings or farms have been damaged. However, many inhabitants have been evacuated due to the fire threatening their homes, including the entire villages of Mykland and Belland. There have also been some power outages due to power lines being damaged.

Approximately 140 persons, including fire-fighters from several fire departments, and personnel from the Civil Defence and the Home Guard are working to curtail the fire. Four fire helicopters have been deployed. The fire fighting is focused on areas where the fire threatens buildings.

Extremely dry weather, and difficult wind conditions, have caused severe difficulties in fighting the fire. Fire-fighters first had hope of gaining control on the morning of Thursday, June 12, but the wind changed direction during the day, causing a large extension of the fire. There is some hope that the weekend will bring some rain; however, this will likely not be enough to stop the fire. It could take several weeks before the fire is completely extinguished.

Wednesday, April 13, 2005

Tony Blair today launched the Labour Party’s 112 page manifesto for a third term, entitled “Britain: Forward not back”, at London’s Mermaid Theatre this afternoon, promising not to increase income tax or VAT.

Blair, with Chancellor Gordon Brown, described the manifesto, which focused on economic policy, as “radical”, “quintessentially New Labour” and giving people the “chance to succeed and make the most of what they have”.

As well as economic promises, the manifesto pledged better social housing, increased funding and reform of education and the National Health Service and the introduction of community police patrols. The manifesto does not promise a freeze on National Insurance, the income-linked tax which funds the NHS and pensions.

Conservative leader Michael Howard said that the British people had “heard it all before”, and reiterated claims that Labour would have to increase taxes significantly in the third term.

Deputy leader of the Liberal Democrats, Sir Menzies Campbell, whose party was the only mainstream party consistently against the Iraq war, said Labour would “not be judged by their promises, but by what they have done”, adding that Labour have not kept their previous promises.

The Conservative Party and Green Party launched their manifestos yesterday, and the Liberal Democrats launch theirs tomorrow.

Sunday, February 10, 2008

The Internet group Project Chanology today held protests critical of the Church of Scientology. The protests marked what would have been the 49th birthday of Lisa McPherson, who is claimed to be a victim of the Church of Scientology’s practices. Lisa died in 1995 during a running of what Scientologists refer to as an Introspection Rundown, a procedure intended to help Church members deal with a psychotic or deeply traumatic event.

Protests were planned throughout the day in 14 countries and over 50 different cities. The estimation of total protesters world wide for Feb. 10, 2008 is 9,250 people.

Wikinews had correspondents at a number of protest locations to report on the events. This article was updated throughout the day with reports from around the globe.

Friday, March 28, 2008

2008 Taipei International Cycle Show (Taipei Cycle) & Taipei International Sporting Goods Show (TaiSPO) not only did a best reunion with conjunctions of the launch of Taipei World Trade Center Nangang Exhibition and the concurrent cycling race of 2008 Tour de Taiwan but also provide opportunities and benefits for sporting goods, bicycle, and athlete sports industries to establish the basis of the sourcing center in Asia and notabilities on the international cycling race.

Although the Taipei cycle was split from the TaiSPO since 1988, but the trends of sporting good industry in Taiwan changed rapidly and multiply because of modern people’s lifestyles and habits. After the “TaiSPO Innovation Award” was established since 2005, the fitness and leisure industries became popular stars as several international buyers respected on lifestyle and health.

For example, some participants participated Taipei Cycle and TaiSPO with different product lines to do several marketing on bicycle and fitness equipments, this also echoed the “Three New Movements” proposed by Giant Co., Ltd. to make a simple bicycle with multiple applications and functions. As of those facts above, Wikinews Journalist Rico Shen interviewed Ideal Bike Corporation and Gary Silva, designer of “3G Steeper” to find out the possibilities on the optimizations between two elements, fitness and bicycle.

Sunday, December 20, 2009

Eurostar trains have been suspended today due to cold weather, and further snowfall is predicted in the United Kingdom, while the rail company attempts to work out what caused a series of electrical flaws on Friday.

On Friday night, more than 2,000 people were trapped in the Channel Tunnel for sixteen hours after the cold weather and condensation caused a number of electrical faults.

Calais port, in the French city where the Channel Tunnel terminates, was also closed yesterday, causing traffic problems on the roads around the English cities of Dover and Folkestone, near the tunnel’s British entrance.

The Conservative Member of the European Parliament for the south-east of England, Nirj Deva, has called for Eurostar chief executive Richard Brown to resign, saying that it would be the “decent thing” to do in the light of “astonishing incompetence”. Brown has apologised for the incident, and said it was “absolutely unprecedented”, and conceded that “it took too long to get the trains out”.

Kent Police say that there is now very little traffic waiting for a place on the Channel Tunnel, with more than 3,500 vehicles having crossed the English Channel on ferries. Supt. Andy Rabey made a statement on the suspension: “Overnight we’ve been working very hard with our partners to clear the queues and help people get away for Christmas. If you have a crossing booked and haven’t set out yet, check with your operator before leaving home.” A Eurostar spokeswoman issued an apology, in which she said that “it’s not possible” to run services.

Sunday, April 19, 2009

Six-year-old Thomas David Horne from the United Kingdom has died and eleven other British tourists were injured Friday when their plane crashed in Canaima National Park in Venezuela. They were on a sight seeing tour of the world’s tallest waterfalls, the Angel Falls.

The single engine, nine-seater Cessna 208 Caravan, lifted off shortly before the end of the runway, lost power, and then surged briefly before plummeting into the Venezuelan jungle in front of the 3,200 ft falls.

“It started to take off and we sensed it was losing power. Then it seemed to get it back and lifted off just 200 metres before the end of the runway. Then it dived into the trees,” reported Makeli Freire, a park tour guide.

Three of the injured sustained serious injuries, while the others suffered mainly broken bones. Thomas Horne, who sustained serious head injuries, died on the way to a local hospital. The pilot, co-pilot and tour guide were among the injured. Everyone on board was flown to Ciudad Bolívar, the capital city of Venezuela’s Bolívar state, where they were treated for their injuries. Among the injured were Thomas’s mother and father Jane and David who were among those who had broken bones. They were British tourists finishing up a two week holiday to Venezuela.

“The young boy died as he was being flown to hospital. His parents are both physically OK but are completely distraught over the loss of their son,” said Maiker Puga, of the Ciudad Bolivar clinic.

Liz and her husband Keith Grainger and S. Phillips, also British tourists, were also injured in the crash. The names of the three other British tourists and the three person crew who were injured have not been released at this time.

The plane tour was offered by First Choice, a division of TUI Travel PLC who extended their “heartfelt sympathy to family and friends during this deeply sad time.” LTA airline has suspended further flights until the investigation is concluded.

June Holman, Thomas’s aunt who was not on holidays said, that “there is nothing worse than losing a loved one, especially not a young child with their whole life ahead of them. The thoughts of us all are with his parents Jane and Dave at this very sad time.”

Friday, April 21, 2006In an address to the nation, the king of Nepal, Gyanendra said that he was turning the nation pro-democratic.

“We are committed to multi-party democracy and a constitutional monarchy. Executive power of the kingdom of Nepal, which was in our safekeeping, shall from this day be returned to the people. We hope peace and order is restored to the country by protecting multi-party democracy. We ask the seven-party alliance to recommend the name for the post of prime minister at the earliest,” said the king in his address to the nation today.

Girija Prasad Koirala, the former Prime Minister of Nepal and leader of the opposition alliance said he will meet and discuss the announcement made by the king, before responding.

Earlier, United States Ambassador James Moriarty, had said that “his [the king’s] time is running out” and that “ultimately the king will have to leave if he doesn’t compromise. And by ‘ultimately’ I mean sooner rather than later.”