Saturday, October 4, 2008

The U.S. Senate passed a revised bailout bill designed to help the struggling U.S. financial economy, which has measures nearly identical to the bill rejected by the U.S. House of Representatives on Monday.

“Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy,” said Senate Majority Leader Harry Reid.

The new revisions include raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House.

Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives.

Vice President of Taxpayers for Common Sense, Steve Ellis, offered his explanation for the pork and earmarks added in. “People who support some of these provisions will forget about the $700 billion and concerns they may have on that, and say, ‘If you give me a few million in tax breaks for my constituents, I’ll go along'”.

The tactic seems to have worked, however, managing to flip enough votes to pass the bill.

“The inclusion of parity, tax extenders and the FDIC increases has caused me to reconsider my position,” said Representative Jim Ramstad (R Minnesota), who voted against the previous bill on Monday. “All three additions have greatly improved the bill.”

But Representative Marcy Kaptur (D Ohio) was not changing her no vote. “I will not support this legislation because it’s the wrong medicine,” she said.

The Senate took H.R.1424, a bill originating in the House concerning “equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment,” and extended it with the bailout provisions.

H.R.1424 was introduced on March 9, 2007, by Rep. Patrick Kennedy (RI-1) and had the support of First Lady Rosalind Carter. It is noted on the Congressional Website that “On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.” It was not treated as an appropriations bill in the House.

There were two votes in the Senate. The first was to amend H.R.1424, which required 3/5 to be accepted, which it was. The second was a vote on the bill. Passage of the Bill required only a 1/2 majority. It was passed with 74 yeas and 25 nays. Senator Kennedy did not vote.

Friday, September 19, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. Liberal candidate David Remington is standing for election in the riding of Lanark—Frontenac—Lennox and Addington.

Wikinews contacted David Remington, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Thursday, May 18, 2006

In his first speech since being sworn in as the country’s leader, Italian Prime Minister Romano Prodi says the US-led invasion of Iraq had been a mistake. He says his new government will propose the withdrawal of Italy’s 3000 troops from Iraq.

“We consider the war in Iraq and the occupation of the country a grave error,” Mr Prodi told Italian Parliament this week. “It has not resolved, but complicated the situation of security. It is the intention of this government to propose to Parliament the return of our troops from Iraq.” His speech resulted in jeers from Italy’s centre right parties.

Mr Prodi said his government intends to continue “good relations” with Washington. He did not give a date for a withdrawal, saying a “technical timeframe” would have to be agreed with all sides involved. Italy’s centre-left parties opposed the US-led invasion of Iraq three years ago.

Mr Prodi said his government will remain on the front lines in the war against terror and would participate in anti-terror operations if they were sanctioned by international organizations, such as the United Nations. “We are convinced participants in the war against terrorism, even militarily, when it is legitimized by an international organization to which we belong.” he said.

Former Prime Minister Silvio Berlusconi was defeated in a tight election to Prodi’s centre-left bloc in April this year. As opposition leader, Prodi has always opposed the war in Iraq. Berlusconi sent 3,000 troops to Iraq in 2003. The move was widely opposed by the Italian public.

Although troops were already expected to return home by the end of 2006, Prodi did not give an exact timeframe for the withdrawal. He said it would only happen in consultation with Iraqi authorities.

Wednesday, June 21, 2006

London – A few hundred England fans weren’t watching the 2006 FIFA World Cup match against Sweden last night in a pub or at home, but instead had ventured out to their local cinema to see the game on the big screen. A number of Odeon cinemas nationwide have been using digital projection technology to screen the matches live with a high definition (HD) picture. HD broadcasts contain a greater level of detail than traditional TV broadcasts, meaning a sharper picture and better sound quality.

In the darkened auditorium of the cinema in Covent Garden, the audience (or should that be crowd?) were behaving almost as if they were at the stadium, singing along to the national anthem, cheering at the England goals and groaning at the Sweden chances. At times, chants being sung by the England crowd at the match were even picked up and sung along to by those watching the cinema screen like some kind of football karaoke contest.

Trailers before the match were replaced by a soundtrack of England anthems, both the successful and not-so-successful ones, and the traditional movie treat of popcorn was replaced by trays of beer (in plastic cups) being brought in by the punters. The cinema had cheekily listed the screening as being ‘directed by Sven-Göran Eriksson’ and as ‘starring Wayne Rooney (hopefully)’.

Despite a disappointing 2-2 draw, the audience seemed impressed with the experience. “I’m a bit short and so wanted to make sure I had good view without having to jostle around for position,” Amanda, from London, explained to me. “I also liked that it was non-smoking, and there was a fabulous atmosphere”. Sian, Caio and Laura, who lived locally, said they wanted to see the match on the big screen and commented on the excellent picture quality.

Other events that have been broadcast by the cinema chain include concerts by Robbie Williams and Elton John. Odeon Marketing Director Luke Vetere said “offering films is just one part of the cinema experience – our ambition is to offer guests the chance to watch other events they feel passionate about”. Watching football in the cinema is not a brand new event though, during previous World Cups such as in 1966, film footage from the matches was broadcast in cinemas after the event, providing a way for people to see the games in colour when TV broadcasts were in black and white.

Cinema screenings aren’t the only way that fans can watch the World Cup games in high-definition this year though, as both Sky TV and Telewest have been broadcasting the games in HD to viewers with a special set-top box. There have been trials with HD on the growing Freeview platform too, with a pilot group of a few hundred viewers in London. However, as any move to roll out HD on Freeview would use up extra space on the broadcast spectrum and would require viewers to buy a new set-top box, it seems unlikely that this will happen any time soon.

Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Friday, January 20, 2006

In Norway, the Oslo and Akershus County Medical Officer has announced that it is launching an inquiry into a possible scientific hoax, involving cancer researchers from Norway, the U.S. and Finland.

In October 2005, the Norwegian researcher Jon Sudbø along with 13 co-authors published the study in the prestigious medical journal The Lancet. The study claimed to detect a positive effect of ibuprofen in preventing oral cancer in smokers, based on a controlled case-study, entailing several hundred patients. On the basis of this study, a broader prospective multicenter study was to be started in 2006, partly funded by the U.S. National Cancer Institute.

On January 17th 2006 however, the Radium Hospital in Oslo, Norway announced that there were strong suggestions that the whole study was a hoax. The patient material presented appeared to be invented, and thus the whole study seems to be fraudulent.

The Radium Hospital in Oslo has hired an autonomous investigative committee to look into the matter, led by the Swedish epidemiologist Anders Ekbom from the Karolinska Institute, Stockholm. The editor of the Lancet, Richard Horton, said that this was the worst research fraud he has dealt with in his time at The Lancet.