Thursday, August 28, 2008

After dropping 1.9% in July, house prices in the United Kingdom are now falling at the fastest rate since 1990, according to Nationwide Building Society.

The average price of a home has dropped by £20,000 down to £164,654, losing 10.5% of its value in 2008. Property values fell by 1.9% in the past month, and 1.5% in July. In another study, it was revealed that house prices have been steadily falling since October last year.

Nationwide’s chief economist, Fionnuala Earley said that activities in the housing market had recently been “very subdued”, although there are signs of increased interests in home sales, possibly due to the appeal of lower house prices.

The Bank of England stated there has been an increase in the number of people taking out a fixed rate mortgage as opposed to a variable rate loan. Further research by Nationwide has concluded that mortgage approvals also fell by 65% last month.

Tuesday, September 23, 2008

Swiss Finance Minister Hans-Rudolf Merz has suffered a major heart attack and had to be hospitalised. He was in Eastern Switzerland when he collapsed.

Later on Sunday he was flown by helicopter to Bern University Hospital where he was placed into an artificial coma. The Finance Minister underwent today a major bypass surgery and doctors say that he will have to remain in Intesive care for at least two weeks. As a result, the cabinet has been reorganised, with Eveline Widmer-Schlumpf (Minister for Justice and Police) as the interim Finance Minister and Moritz Leuenberger (Transport Minister) as her deputy.

The Swiss President, Pascal Couchepin, announced that he would not be attending the UN General Assembly in New York and that the Cabinet would hold an extra-ordinary session.

Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.

Friday, July 18, 2008

A fire at a Rexam Plastics factory in China has claimed the lives of three firefighters. Nine more were injured in the accident in Shanghai‘s Fengxian District.

The first emergency call was received by Shanghai Public Security Bureau’s 110 Command Center at 12:20 p.m. and reported the Jinhui Town factory as alight. A total of fifty fire engines and around 300 firefighters were dispatched to the scene of the blaze at the Rexam Plastic Packaging (Shanghai) Co. Ltd. facility.

Shortly after 2 p.m. a fifty-metre-long structural girder collapsed onto a group of firefighters. Those killed were crushed beneath it and died instantly. They were identified as Yao Lei, 20, Shi Jianhua, 31, and Yu Hai, 27. The nine injured were taken to Fengxian District Central Hospital, where one was transferred to Ruijin Hospital with burns and another to Shanghai No. 6 People’s Hospital with suspected injuries to his spine.

All are said to be in a stable condition. There were no other injuries to firefighters or the general public.

The fire was contained by 5:30 p.m. and extuinguished by 8:00 p.m. At its height it covered 2,000 square and smoke was spread over ten kilometres. The area was sealed off as a petrol station was 200 metres from the area, and air and water quality tests are underway. A nearby drinking water plant was shut down as a precaution.

Rexam employees said the fire spread rapidly because flammable raw materials and plastic products were stored in the workshop, which had most of its equipment destroyed. Meanwhile, local authorities say the beam fell due to poor construction. Production at the site is not expected to be affected.

Tuesday, November 16, 2004

ORLANDO, Florida – Alien Encounter and The Living Seas at the Walt Disney World Resort are to open today with a makeover.

The Alien Encounter attraction at Tomorrowland in the Magic Kingdom has been revised to include Experiment 626 from the movie Lilo & Stitch. Now called Stitch’s Great Escape!, the dog-like blue creature will lash out of its tube and terrorise the audience. The Galactic Federation’s Grand Councilwoman, Captain Gantu and Agent Pleakley appear in this show, essentially a prequel to the movie.

At the Living Seas, Crush the sea turtle from the Disney/Pixar movie Finding Nemo will host a new exhibit called Turtle Talk, joining smaller Nemo exhibits, a mainstay at the attraction for several months. Vegetarian shark Bruce will soon become part of a shark education exhibit.

According to publicity, the Turtle Talk show will run every 15 minutes, from 10:00 am to 7:00 pm. A sign language interpreted performance will run on Fridays at 10:30 am.

Disney is holding the Stitch’s Great Escape! Sweepstakes, with prizes including a five-day, four night trip for four to Walt Disney World Resort.

Saturday, July 19, 2008

This year’s Leisure Taiwan trade show (a.k.a Taiwan Sport Recreation and Leisure Show) started yesterday, with 131 companies participating including sports media companies such as ESPN and VideoLand Television, businesses selling sports equipment and fitness clubs.

There were also a variety of sports being played in the arena built for the trade show. The events included a 3-on-3 basketball tournament, free style shooting, and bicycle test-riding. In addition, conferences discussed issues related to sports and physical education.

A major topic in the trade show was energy-efficiency and, as a result, bicycles and similar sports equipment were being heavily promoted.

Next Tuesday, companies from the electronics industry plan to promote their industry at “2008 Digital E-Park.” In previous years, organizations from the electronics industry have showcased their products at Leisure Taiwan instead of at the Digital E-Park, so this move has reduced the number of markets covered by Leisure Taiwan.

Tuesday, January 19, 2010

A Scottish woman who set out before Christmas to purchase a turkey finally made it home on Monday, after being cut off by snow for a month. Kay Ure left the Lighthouse Keeper’s cottage on Cape Wrath, at the very northwest tip of Great Britain, in December. She was heading to Inverness on a shopping trip.

However on her return journey heavy snow and ice prevented her husband, John, from travelling the last 11 miles to pick her up. She was forced to wait a month in a friend’s caravan, before the weather improved and the couple could finally be reunited.

They were separated not just for Christmas and New Year, but also for Mr Ure’s 58th birthday. With no fresh supplies, he was reduced to celebrating with a tin of baked beans. He also ran out of coal, and had to feed the couple’s six springer spaniels on emergency army rations.

“It’s the first time we’ve been separated”, said Mr Ure in December. “We’ve been snowed in here for three weeks before, so we are well used to it and it’s quite nice to get a bit of peace and quiet.”

Friday, May 16, 2008

2008 The 27th Young Designers’ Exhibition, opened on May 15 at the Taipei World Trade Center and closes Sunday May 18. It features participation by 87 academic groups in Taiwan and 20 groups from United States, United Kingdom, Italy, Netherlands, New Zealand, and Australia to showcase various achievements in industrial design. It is recognized by the International Council of Societies of Industrial Design (ICSID) as the largest show of student creations.

Besides the several design competitions, sponsors like International Forum Design (iF), EPSON, MUJI (in Japanese: ????, Mujirushi Ry?hin), Tsann Kuen Trans-nation Group will showcase different solutions for the design, creative, and cultural industries. The show’s organizer, Taiwan Design Center, also designed several on-site events like “On-line Graduate Season Show”, “Career Match-up”, “Creative and Cultural Showcase and Performance”, “Seminars of YODEX 2008” to link the actual exhibition with the on-line exhibition.

Besides of the previously announced “Wow! Taiwan Design Award”, winners from “2008 Young Designers’ Competition” and “2008 YODEX Interior Design Competition” were announced on Saturday, May 17.

Saturday, April 11, 2009

Twenty percent of the American public believes that socialism is superior to capitalism, says a poll by Rasmussen Reports released on Thursday, April 9.

Asked the question “Which is a better system – capitalism or socialism?”, 53% of those polled found capitalism the better system, 20% preferred socialism, and 27% were unsure. The survey did not define either capitalism or socialism, but Rasmussen also cites a December 2008 result saying that 15% of Americans prefer a government-managed economy.

Analysis of the poll’s data by website FiveThirtyEight.com furthermore found that support for capitalism was closely correlated with income; respondents earning under $20,000 a year having an eight percentage point preference for capitalism, while those earning more than $100,000 a year expressed a fifty-seven percentage point preference for capitalism. Rasmussen noted that socialism had much broader support among people under 30, where 33% support socialism and 37% support capitalism, than among any other age group.

Socialism has found support in several countries, with member parties of the Socialist International in government in over 50 countries around the world and with several other regimes describing themselves as socialist or communist; the 20% result Rasmussen finds is comparable to the electoral support for the New Democratic Party in Canada. Support for an independent socialist movement in the United States, however, has historically been limited. Socialist candidate Eugene V. Debs won 6.1% of the popular vote in 1912, and two members of the Socialist Party, Victor L. Berger and Meyer London, were elected to the United States Congress before the Great Depression. This brief flirtation with socialism is contrasted against the times during and following the First World War and Second World War, which were marked by “Red scares” — periods of pronounced anti-communism — in the United States.

Currently, only a single member of the United States Congress describes himself as a socialist: Senator Bernie Sanders of Vermont. The Social Democrats USA (SD USA), one of the successors of the Socialist Party of America, has expressed solidarity with the 76-member Congressional Progressive Caucus, which Sanders founded in 1991. It supports positions such as a living wage, universal health care, and the right of workers to form trade unions and engage in collective bargaining.

SD USA executive director Gabriel McClosky-Ross offered Wikinews an exclusive statement on the Rasmussen poll result:

While support for socialism in the United States may be growing, Rasmussen’s polling finds that absolute majorities of the American public support both capitalism and free markets. Meanwhile, anti-communist sentiment remains strong in many segments of the US population, with opposition to socialism being a defining feature of Conservatism in the United States.

In an exclusive statement to Wikinews, John F. McManus, President of the anti-socialist John Birch Society, offered the John Birch Society’s position on the poll result:

Americans currently most often cite the economy as their number one concern in polls, ahead of terrorism. In December 2008, workers at the Republic Windows and Doors factory in Chicago staged a union-backed factory occupation in a fight against company management — a return to tactics of direct action from the historically more subdued American organized labor movement.

On April 10 2009, Alabama representative Spencer Bachus (R-Alabama) told the Birmingham News that seventeen members of the US House of Representatives are socialists. He did not specify which members.

Saturday, May 1, 2010

The Illinois House of Representatives failed last Thursday to approve a Democratic Party-sponsored amendment to the state constitution’s redistricting procedures, killing any hope of reforming the controversial process this year. The vote was 69–47, just two votes short of the 71-vote supermajority needed to propose constitutional amendments for ratification by voters in the next election cycle. 

In the redistricting process, the boundaries of legislative districts are redrawn every ten years following the US census. Districts are redrawn such that they contain constituencies roughly equal in population. During the last three redistricting periods, however, discussions have resulted in deadlock such that the maps were essentially chosen by lottery. Democrats, Republicans, and regular citizens alike have all unsuccessfully attempted to reform that process this year. All constitutional amendments must be proposed by Monday in order to be voted on in a referendum during the election next November. 

The Democratic bill, Senate Joint Resolution Constitutional Amendment 121, was sponsored by State Senator Kwame Raoul and State Representative Barbara Flynn Currie, both from Chicago. The representatives voted mostly on party lines: Democrats hold 70 seats in the House, and 69 of them voted for the amendment. 46 Republicans and one Democrat voted against it. Currie presented the amendment as an improvement because it “gets rid of the tiebreaker.” In fact, she argues that the public benefits from giving the job of redistricting to the legislature as a whole, rather than an appointed committee. “…leaving the decision in the hands of 177 people who are elected by the geographic diversity…is more democratic than giving it instead to the hands of four legislative leaders.”

Currie was referring to the Fair Map Amendment, a citizen-led proposal to create a nine-member commission that would contain no legislators. The party leaders would select eight of the members, however, which Democrats have opposed as intoducing too much bias. Others are against the amendment on the grounds that it does not adequately ensure minority representation. 

The lone Democratic dissenter, Representative Jack Franks from Marengo, disagrees. “I couldn’t get past that because I want to have a system where it’s not legislators choosing their electors, it should be the electors choosing the legislators,” he said. Even Illinois Governor Pat Quinn was not enthusiastic about the bill and thought it was not “true reform”.

Republicans have introduced the citizen-initiated Fair Map Amendment in the legislature as an alternative and have pushed for its passage. The bill was quickly struck down by a Democrat-led committee. At the same time, organizers of the petition drive for the Fair Map Amendment announced that they fell short of the nearly 300,000 signatures needed to bypass the legislature and directly place the question on the ballot.