Global markets plunge

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Global markets plunge
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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.

Contents

  • 1 Stock markets
    • 1.1 Dow Jones Industrial Average
    • 1.2 FTSE 100
    • 1.3 Nikkei 225
  • 2 International reaction
    • 2.1 George W. Bush
    • 2.2 Gordon Brown
    • 2.3 Jim Flaherty
  • 3 Market data
  • 4 Sources

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.”

20:15, 10 October, 2008 (UTC)
  • DJIA
  • 8.451,19 128,00 1,49%
  • Nasdaq
  • 1.649,51 4,39 0.27%
  • S&P 500
  • 899,22 10,70 1,18%
  • S&P TSX
  • 9.264,57 335,61 3.50%
  • IPC
  • 19.952,30 357,87 1,76%
  • Merval
  • 1.215,990 71.340 5,54%
  • Bovespa
  • 35.615,26 1,474.03 3,97%
  • FTSE 100
  • 3.932,06 381,74 8,85%
  • DAX
  • 4.544,31 342,69 7,01%
  • CAC 40
  • 3.176,49 266,21 7,73%
  • SMI
  • 5.347,22 451,62 7,79%
  • AEX
  • 258,05 23,92 8,48%
  • BEL20
  • 2.123,44 117,44 5,24%
  • MIBTel
  • 15.438,00 1,081,00 6,54%
  • IBEX 35
  • 8.997,70 905,20 9,14%
  • All Ordinaries
  • 3.939,50 351,80 8,20%
  • Nikkei
  • 8.276,43 881,06 9,62%
  • Hang Seng
  • 14.796,90 1,146,37 7,19%
  • SSE Composite
  • 2.000,57 74,01 3,57%

    Posted on January 23rd 2019 in Uncategorized

    Sunshine Coast Council ratifies McDonald’s development rejection

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    Sunshine Coast Council ratifies McDonald’s development rejection
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    Sunday, December 7, 2008

    Sunshine Coast, Queensland, Australia —The Sunshine Coast Regional Council has formally ratified the rejection of the 24 hour McDonald’s in Minyama. The decision comes after council rejected the proposal earlier this week at a general committee meeting.

    McDonald’s forwarded an 11th hour compromise to deputy mayor Tim Dwyer in order to overturn the decision. The compromised had included reducing the opening hours to 6am to 10pm Sunday to Thursday and until 12am Friday and Saturday.

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    Local member of federal parliament Peter Slipper has said that any new development be given serious and honest consideration to the various potential impacts on the community.

    “It is important that any new development, including fast food outlets, give serious and honest consideration to the various potential impacts of the project on the community. This is important as society strives to balance the need for development with the need to support the lifestyle choices and wishes of residents,” said Mr Slipper in an e-mail to Wikinews.

    Local residents who had opposed the development had support from local councilor Chris Thompson. “We already have a 24-hour McDonald’s at Mooloolaba, only one kilometre away, and there are already [anti-social] issues at that site,” he said.

    Councillors ratified the rejection unanimously. McDonald’s will now fight the decision in court.

    Posted on January 23rd 2019 in Uncategorized

    Category:Education

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    Category:Education
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    This is the category for Education.

    Refresh this list to see the latest articles.

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    Posted on January 22nd 2019 in Uncategorized

    Hidden treasure worth billions of dollars discovered in Indian temple

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    Hidden treasure worth billions of dollars discovered in Indian temple
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    Monday, July 4, 2011

    Officials announced that a treasure containing sacks of diamonds and gold coins as well as golden idols, jewelry and other riches has been discovered in the secret subterranean vaults of Sree Padmanabhaswamy temple, in the southwestern state of Kerala, India. Estimates of its worth have been rising and it is now thought to be worth US$20 billion.

    The Hindu temple was built in the 16th century by the kings of the then Kingdom of Travancore to serve as a royal chapel for the rulers of Travancore. The six vaults containing the treasure have been undisturbed for over a century. Assessment of the treasure began on June 27 after a lawyer concerned about the security of the treasure petitioned India’s Supreme Court, which then appointed a seven-member panel of experts to inventory the treasure. The panel does not have the power to determine to whom the treasure will belong. Estimates of the treasure’s worth are rising, provoking a heated debate as to how the treasure will be used in a country that has 450 million poverty-stricken people.

    The chief minister of Kerala, Oommen Chandy, announced on Sunday the treasure would remain with the temple, and security matters would be decided in consultation with the Travancore Royal Family, the temple management, and the temple priest.

    The gold was offered to the lord. It is the property of the temple.

    “The gold was offered to the lord. It is the property of the temple. The government will protect the wealth at the temple,” Oommen Chandy said. Meanwhile, hundreds of armed police have been deployed around the temple to protect the treasure.

    However, the view that the treasure should remain at the temple has been disputed. Among the dissenters is eminent jurist V R Krishna Iyer, who said the treasure should be put in a national trust for the peoples’ benefit. “God’s wealth belongs to the people, not to the king. It’s meaningless to say that it belongs to Hindus or any particular religious community,” said Iyer. “A mechanism should be devised to ensure that the benefits of it reach the poor and the needy and not the rich.”

    Five of the six vaults of the Sree Padmanabhaswamy Temple have been inventoried.

    God’s wealth belongs to the people, not to the king. It’s meaningless to say that it belongs to Hindus or any particular religious community.

    On Saturday, reports leaked to the press revealed that the treasure, including a golden idol of Mahavishnu and a golden ‘anki’, were found in one of the vaults, estimated to weigh 30 kilograms, along with precious stones, silver, two coconut shells of pure gold and another golden idol as well as other jewels and valuable coins. The panel hopes to find more treasure when the sixth and final vault is opened, but the attempt was suspended on Monday because the iron door inside presented “technical problems” requiring further consultation before opening. This vault is thought to contain the bulk of the wealth.

    Keralan officials in a preliminary estimate said that the treasure was worth over US$11.2 billion; those estimates have now risen to US$20 billion. Historians say that the temple’s location on a site through which passed lucrative trade routes support the higher evaluations.

    “Traders, who used to come from other parts of the country and abroad for buying spices and other commodities, used to make handsome offerings to the deity for not only his blessings but also to please the then rulers,” said P.J. Cherian, the director of Kerala Council for Historic Research

    Some suggest that the profit from the sale of the treasure would be enough to wipe out the entire public debt of Kerala and fund future Kerala projects such as seaports, airports and highways.

    Posted on January 21st 2019 in Uncategorized

    Residents evacuated after partial building collapse in Buffalo, New York

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    Residents evacuated after partial building collapse in Buffalo, New York
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    Thursday, June 12, 2008

    Buffalo, New York —At least two homes have been evacuated, and 14 or more are on standby to evacuate in Buffalo, New York after a very large three-story building partially collapsed on the city’s West Side.

    According to the Buffalo Fire Department, the number four side of an old horse stable at 428 Jersey Street off of Richmond Avenue collapsed from the roof line half way down the side. Material from the building fell into the yards of at least three neighbouring houses. Some of the bricks landed inside the building, while some fell into the yards of some houses behind homes on Richmond Avenue, leaving a ‘V’ shape.

    “[The building] is well worth the designation” as a historical landmark, states Tim Tielman of the Buffalo Preservation Board. Tielman states that he will likely bring the incident before the Board as early as Thursday, June 12 to discuss the issue.

    “We don’t want to demolish it until it is talked about and we consider options,” added Tielman.

    So far there are no reports of injuries. Firefighters plan on getting an aerial shot to determine if the building is in danger of totally collapsing. A detail will remain on scene until at least Thursday afternoon.

    The building was first owned by a company called White Bros. and was used as a stable for a farm which once covered the land around the building for several blocks. Servants and workers of the farm were housed inside resident quarters situated at the rear of the building.

    The building, the current owner of which is not known, covers nearly a half block. Much of the building’s sides are home to vines, and a variety of gardens are planted along the perimeter of the building. Residents state that they will be “very disappointed” to see the building be demolished.

    Repairs on the building were ongoing. The building is believed to have been built in the mid-1800’s.

    Posted on January 20th 2019 in Uncategorized

    U.S. commuter blows up section of Washington D.C. Bridge

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    U.S. commuter blows up section of Washington D.C. Bridge
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    Tuesday, August 29, 2006

    Regular commuter Dan Ruefly detonated a half-mile (800 m) section of the old Woodrow Wilson Bridge just after 12:30 a.m. local time (0530 UTC) on Tuesday 29 August 2006. The detonation brought down over 2,600 tons of steel. The bridge, which carried the Capital Beltway across the Potomac River, was scheduled for destruction as part of a $2.4 billion project to replace the span. The bridge has caused traffic delays nearly every day since its opening in 1961.

    Mr. Ruefly had won the honour of pushing the plunger in a contest to find the worst commuting experience; after a motoring accident he became stuck in a traffic jam. Mr. Ruefly (who leaves home at 5:00 a.m. every day to beat the traffic) had crashed into a stationary tractor-trailer on the bridge, leaving him with severely crushed hips. The ambulance sent to transport him to hospital was unable to make it through rush hour traffic and, as a result, Mr. Ruefly almost died.

    The detonation of the six-lane drawbridge was originally planned to occur at 11:59 p.m. however it was delayed by over half an hour when spectators broke through security fences to get a better view, the bridge was finally brought down at around 12:35 a.m. There was a 20 second delay between the time of initiation and the actual detonation. It was reported that the plunger was not actually wired to the charges, and was only a ceremonial prop to signal the actual detonation by the engineering crews.

    The demolition is part of a complete replacement of the former six-lane bridge with a twelve lane version comprised of two side-by-side drawbridges. Work started on the project as early as 1999 and the new north-bound bridge was opened on June 10 2006. This demolition is the first step in the next stage of the project; to replace the existing bridge with the southbound ‘twin’.

    Boat traffic on the Potomac River and vehicle traffic on the new Wilson Bridge were halted during the detonation. Airspace was also briefly closed for a short duration.

    Posted on January 20th 2019 in Uncategorized

    Paintings worth millions of Swiss francs stolen in Zürich

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    Paintings worth millions of Swiss francs stolen in Zürich
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    Monday, February 11, 2008

    On Sunday evening, around 16:30 local time, three armed men wearing ski masks stole four paintings: Claude Monet‘s “Poppy field at Vetheuil,” Edgar Degas‘ “Ludovic Lepic and his Daughter,” Vincent van Gogh‘s “Blooming Chestnut Branches” and Paul Cezanne‘s “Boy in the Red Waistcoat” from Foundation E.G. Bührle museum in Zürich, Switzerland.

    The three armed robbers entered the museum half an hour before closing. One man with a pistol forced employees to the ground while the other two men stole the paintings. The whole ordeal lasted only 3 minutes. The men then proceeded to a van and left.

    The four paintings are worth a total of 163 million US dollars. It’s said that it would be hard to sell the stolen paintings on the open market due to the popularity of the paintings. There is a reward of 90 thousand US dollars for the artwork.

    The robbers, who were still at large, stole the paintings Sunday from the E.G. Bührle Collection, one of Europe’s finest private museums for Impressionist and Post-Impressionist art, police said.

    It was the largest art robbery in Swiss history and one of the biggest ever in Europe, said Marco Cortesi, spokesman for the Zürich police. He compared it to the theft in 2004 of Edvard Munch‘s The Scream and Madonna from the Munch Museum in Norway.

    Last week, Swiss police reported that two Pablo Picasso paintings were stolen from a Swiss exhibition near Zurich.

    Posted on January 20th 2019 in Uncategorized

    Pennsylvania state trooper found guilty of first-degree murder

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    Pennsylvania state trooper found guilty of first-degree murder
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    Friday, March 20, 2009

    In the United States, a suspended Pennsylvania state trooper has been convicted of first-degree murder for killing his girlfriend’s estranged husband.

    Kevin Foley, 43, faces a mandatory life sentence without parole for slashing to death John Yelenic, a Blairsville dentist who was in the final stages of divorcing his wife, Michele. Foley’s attorney said he plans to appeal the decision. Prosecutors did not seek the death penalty.

    Foley previously said he “loathed Dr. Yelenic” and asked another fellow trooper to help kill him. During his testimony, which lasted several hours, Foley claimed he was joking and had no true intention of carrying out the threat, but the Indiana County jury rejected that defense after about six hours of deliberations.

    John Yelenic was found dead in his home on April 13, 2006, one day before he was planning on signing his divorce papers. Charges were brought against Foley in September 2007, more than 17 months after the murder.

    Foley, who had been on suspension from the Pennsylvania State Police, was himself the final witness to take the stand Wednesday in the trial. Foley insisted he was innocent during his testimony, and even made jokes that the jury laughed at on a few occasions.

    “I never made a threat with the intention of carrying it out,” Foley said under cross-examination by the prosecution.

    When Senior Deputy Attorney General Anthony Krastek pressed Foley for what was funny about asking another state trooper to help him kill Yelenic, Foley answered, “There isn’t any joke. It’s just my personality, my behavior (with co-workers).”

    Prosecutors said Foley killed Yelenic after going to the dentist’s house to confront him over the terms of the divorce. Prosecutors claim Foley slashed Yelenic several times with a knife and pushed his head through a small window. Yelenic bled to death.

    “John has his justice tonight,” Mary Ann Clark, a cousin of Yelenic, told MSNBC. “John deserved this; he was the most wonderful person in the world. He died the most horrible death and tonight, this is his night. The system worked.”

    Foley had been living with Michele Yelenic for two years at the time of the homicide. Prosecutors previously said Foley and Michele helped perpetuate rumors that Dr. Yelenic molested their son. John and Michele Yelenic had been separated in 2002. Michele Yelenic stood to collect Dr. Yelenic’s estate and a US$1 million life insurance policy, and could lose about $2,500 a month in support if the divorce was finalized, a Pennsylvania grand jury previously determined.

    Michele Yelenic, who has not appeared at the trial, may face legal action herself, media reports indicated. A sentencing hearing for Foley is scheduled for June 1.

    Posted on January 19th 2019 in Uncategorized

    Pfizer and Microsoft team up against Viagra spam

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    Pfizer and Microsoft team up against Viagra spam
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    Sunday, February 13, 2005

    New York –”Buy cheap Viagra through us – no prescription required!” Anyone with an active email account will recognize lines like this one. According to some reports, unsolicited advertisements (spam) for Viagra and similar drugs account for one in four spam messages.

    BACKGROUND

    Spamming remains one of the biggest problems facing email users today. While users and systems administrators have improved their defenses against unsolicited email, many spammers now insert random words or characters into their letters in order to bypass filters. The Wikipedia article Stopping email abuse provides an overview of the various strategies employed by companies, Internet users and systems administrators to deal with the issue.

    Ever since pharmaceutical giant Pfizer promised to cure erectile dysfunction once and for all with its blue pills containing the drug sildenafil citrate, spammers have tried to tap into male anxiety by offering prescription-free sales of unapproved “generic” Viagra and clones such as Cialis soft tabs. Legislation like the U.S. CAN-SPAM act has done little to stem the tide of email advertising the products.

    Now Pfizer has entered a pledge with Microsoft Corporation, the world’s largest software company, to address the problem. The joint effort will focus on lawsuits against spammers as well as the companies they advertise. “Pfizer is joining with Microsoft on these actions as part of our shared pledge to reduce the sale of these products and to fight the senders of unsolicited e-mail that overwhelms people’s inboxes,” said Jeff Kindler, executive vice president at Pfizer.

    Microsoft has filed civil actions against spammers advertising the websites CanadianPharmacy and E-Pharmacy Direct. Pfizer has filed lawsuits against the two companies, and has taken actions against websites which use the word “Viagra” in their domain names. Sales of controlled drugs from Canadian pharmacies to the United States are illegal, but most drugs sold in Canada have nevertheless undergone testing by the U.S. Food and Drug Administration. This is not the case for many of the Viagra clones sold by Internet companies and manufactured in countries like China and India. While it was not clear that CanadianPharmacy was actually shipping drugs from Canada, Pfizer’s general counsel, Beth Levine, claimed that the company filled orders using a call center in Montreal, reported the Toronto Star.

    For Microsoft’s part, they allege that the joint effort with Pfizer is part of their “multi-pronged attack on the barrage of spam.” As the creator of the popular email program Outlook, Microsoft has been criticized in the past for the product’s spam filtering process. Recently, Microsoft added anti-spam measures to its popular Exchange server. Exchange 2003 now includes support for accessing so-called real-time block lists, or RTBLs. An RTBL is a list of the IP addresses maintained by a third party; the addresses on the list are those of mailservers thought to have sent spam recently. Exchange 2003 can query the list for each message it receives.

    Posted on January 19th 2019 in Uncategorized

    Demonstrations planned to protest internet censorship in Finland

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    Demonstrations planned to protest internet censorship in Finland
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    Tuesday, March 4, 2008

    On March 4, 2008 a demonstration against censorship is planned to be held at the Finnish Parliament, part of the continuing controversy over the Finnish Internet child porn filter. The organizers of the demonstration expect at least two-hundred participants, with representatives of the digital rights organization Electronic Frontier Finland (Effi) and several political parties will also present.

    The controversy arose after the Finnish National Bureau of Investigation (NBI) blacklisted censorship critic Matti Nikki’s site. Matti Nikki himself is now under criminal investigation for aiding in the distribution of child pornography, as he published a large portion of the filtering blacklist on his still-censored website. MP Jyrki Kasvi has made an official inquiry in the Finnish Parliament on the matter, and Effi has filed an official complaint to the parliamentary ombudsman.

    The Finnish Minister of Communication, Suvi Lindén, and the NBI have been severely criticized over the filtering system, which has been under heavy scrutiny by the media. After stating that she will not tolerate discussion criticizing the filtering system, as the situation is not a matter of freedom of speech, a petition was signed by over 12,000 people demanding her resignation. This was accompanied by a Thai civil rights group questioning the blocking as child porn of a memorial site dedicated to a member of the Thai royal family. Eventually the NBI removed the memorial site from the blacklist, explaining that the DNS based system blocks only whole sites, and that there was child pornography site under the same domain; this raised questions about the efficiency of the filtering system.

    Lindén later admitted that she did not know the details of the filtering system, as it had been established by her predecessors, before the change of government in early 2007. She has nevertheless defended the system, citing the protection of children, but admitted that there are problems with the Finnish system, and in other countries with similar systems.

    The NBI have published a statement explaining their actions, at the request of Lindén. In it the NBI stated that there are filtered sites that do not contain any child pornography, but claimed that it was not their fault, rather a side effect of the system. They also noted that they are planning to address this issue by switching from a DNS based filter to a URL based system.

    According to a prominent Finnish expert of filtering technology, the planned URL filtering would cost least two million euros. This estimate comes at the same time that the government cut back funds for work against child abuse, causing further uproar.

    The NBI’s official position is that they block pornographic sites where the actors look too young, and sites which link to these sites. The argument for the filtering is that there is a large amount of child pornography on the Internet, most of it based on servers in countries where the authorities are indifferent to the issue.

    The general opinion after analysis by multiple people is that the list of at least 1,700 sites contains a handful of actual child pornographic sites, most of which are not located in Western countries. However, some sites in the list are located in countries like the United States, the Netherlands, United Kingdom and Germany, and very few of those contain even questionable or borderline material. Dutch journalist Karin Spaink reviewed 40 sites on the list which were physically located in the Netherlands. She concluded that some of the sites have illegal child pornography, and that four of those are also blocked in the Netherlands by their equivalent filtering system. She estimated that about half of the 40 did not contain any illegal material.

    Effi’s response to the NBI’s statement was that the issue with censorship is not technical but that it has no place in an open, democratic society.

    Posted on January 17th 2019 in Uncategorized