Sunday, May 1, 2005

Cyprus, Latvia and Malta, three states which joined the European Union in May 2004, exactly one year ago, today became members of the Exchange Rate Mechanism II (ERM II), which pegs their currencies to the euro within a 15% margin above or below a central rate. While they are in ERM II, their currencies must not fluctuate to an extent that exceeds this 15% margin, and they must also keep inflation and budget deficits in check. For countries to adopt the euro, they must stay in the ERM II for at least two years. Therefore, the earliest date that Cyprus, Latvia and Malta can adopt the common currency is in May 2007.

Cyprus, Latvia and Malta have joined four other countries already in ERM II: Denmark, Estonia, Lithuania and Slovenia. Denmark joined ERM II in 1999 but has since not wished to adopt the euro, while Estonia, Lithuania and Slovenia joined the Exchange Rate Mechanism in June 2004, and are expected to adopt the euro by late 2006 or early 2007. Other new European Union member states are also expected to join ERM II soon.

Out of the European Union of 25 member states, 12 countries currently use the euro, which they adopted in January 1, 2002. The only EU members that remain either outside the Eurozone or ERM II are the Czech Republic, Hungary, Slovakia, Sweden, Poland and the United Kingdom.

Thursday, November 5, 2009

Akio Toyoda, the President and Representative Director of Toyota, made a statement on Wednesday that the company is leaving the Formula One championship before the 2010 season. The primary factor behind this decision was said to be the current economic environment in the midterm perspective.

Panasonic Toyota Racing did not manage to ever win a Formula One race, winning only 13 podium and 278.5 points since 2002. Toyota will still be present in a number of racing series, including Formula Nippon, Formula Three, Super GT and NASCAR.

Another major Japanese automotive giant, Honda, quit Formula One prior to this season and sold the team to Ross Brawn. The renewed team Brawn GP with Mercedes-Benz engined cars won the 2009 Constructors’ Championship recently.

Other Japanese companies Subaru and Suzuki withdrew from the World Rally Championship prior to this season and Kawasaki pulled out of MotoGP.

The space cleared by Toyota may be now used by the BMW Sauber team’s possible successor if BMW can reach an agreement to sell the team after their decision to quit Formula One earlier this year. Toyota drivers of this season Jarno Trulli and Timo Glock, as well as the Japanese rookie driver Kamui Kobayashi, could now look for seats in other teams for 2010 including the new entries US F1, Campos, Manor or Lotus.

Thursday, November 8, 2007

India is the latest of the countries where the One Laptop Per Child (OLPC) experiment has started. Children from the village of Khairat were given the opportunity to learn how to use the XO laptop. During the last year XO was distributed to children from Arahuay in Peru, Ban Samkha in Thailand, Cardal in Uruguay and Galadima in Nigeria. The OLPC team are, in their reports on the startup of the trials, delighted with how the laptop has improved access to information and ability to carry out educational activities. Thailand’s The Nation has praised the project, describing the children as “enthusiastic” and keen to attend school with their laptops.

Recent good news for the project sees Uruguay having ordered 100,000 of the machines which are to be given to children aged six to twelve. Should all go according to plan a further 300,000 machines will be purchased by 2009 to give one to every child in the country. As the first to order, Uruguay chose the OLPC XO laptop over its rival from Intel, the Classmate PC. In parallel with the delivery of the laptops network connectivity will be provided to schools involved in the project.

The remainder of this article is based on Carla G. Munroy’s Khairat Chronicle, which is available from the OLPC Wiki. Additional sources are listed at the end.

Tuesday, November 21, 2006

Buffalo, New York —Buffalo, New York developers have been stymied by old real estate deeds.

The prospective Elmwood Village Hotel may be scuttled and businesses now located there may be forced to move.

Frustrations over property located in an area once known as “Granger Estates” circulate around a clause in the original deeds over land divided by then-owner Erastus Granger in the early 1800’s.

According to the documents, “no business establishment of any kind whatsoever” shall ever be constructed on the property, and they shall forever be exclusively for residential use only. Also prohibited are barns, farms and stables.

Sam Savarino, CEO of Savarino Companies, the prospective hotel developer, announced that his legal research team found the restrictions on properties located between 1109 and 1121 Elmwood Avenue which also stated in part that “no businesses, hospitality establishment of anykind whatsoever” shall ever be permitted to be built on the property.

Savarino, whom is expected to contest the restrictions, said that his company could have ignored the findings, but that, “we can’t risk the future of a multimillion-dollar project on the hope they wouldn’t be discovered. Our opponents would have had a field day if they’d surfaced after the fact.”

Savarino said his attorneys and researchers are anticipated to determine “exactly what weight the restrictions carry and if there’s a way for the courts to negate them.”

Existing businesses are also jeopardized.

Hans Mobius, owner of some of the restricted properties upon which a carriage house is built, said, he wasn’t aware of any restrictions, and “never had a reason to research the deed and title documents.” He confidently added that, “the lawyers can get this taken care of.”

Other threatened businesses include Don Apparel, H.O.D. Tattoo, Forest Plaza Art Gallery and Allentown Music.

Saturday, July 12, 2008

In what regulators have described as the second-largest bank failure in the history of the United States, IndyMac Bank has been closed by the Office of Thrift Supervision and placed under the conservatorship of the Federal Deposit Insurance Corporation (FDIC) due to plummeting shares and the start of a run on the bank. This is the fifth FDIC-insured failure of the year.

The FDIC has said that it will transfer all insured deposits and substantial assets, to the new IndyMac Federal Bank which, as the name implies, is controlled by an agency of the federal government. The aim is for the transfer to be completed by Monday.

In a press release, the FDIC attempted to reassure customers by saying that, “insured depositors and borrowers will automatically become customers of IndyMac Federal, FSB and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards and writing checks in the same manner as before.” As an FDIC-insured bank, all FDIC accounts are guaranteed up to US$100,000. The FDIC has also placed a special advance, guaranteeing any funds over $100,000 for 50 cents to the dollar.

This move by the FDIC is expected to cost the organization at least four billion USD per year.

In the days leading up to the conservatorship, market analysts have predicted the failure of IndyMac due to the fact that it was shedding jobs and closing many of its branch offices.

Monday, August 7, 2006

Dogs can be trained to detect early and late stages of lung and breast cancer accurately according to a study published by California scientists in the little-known scientific journal Integrative Cancer Therapies.

The study took place over the last five years at the Pine Street Foundation, a non-profit organization which conducts evidence-based research on integrative medicine (combining complementary and alternative medicine and mainstream medicine). Michael McCulloch and colleagues used three Labrador Retrievers and two Portuguese Water Dogs, both common pets, that received basic behavioral dog training. The researchers trained the dogs to lie down next to a sample from a cancer patient and to ignore other samples.

The samples used were breath samples from 55 patients with lung cancer and 31 with breast cancer — the two types of cancer with the highest mortality rates in the United States.

After the training phase, the dogs’ accuracy diagnosis was tested in a double-blind experiment. Among lung cancer patients, the sensitivity and specificity were 99% accurate and for breast cancer sensitivity was 88% and specificity 98%. Because these figures seem almost too good to be true, cancer experts are the same time baffled and skeptical. The authors of the study themselves also say replication of the study is needed.

Importantly, this was independent of the cancer stage, meaning the dogs were able to pick up the scent of cancer in its early stages. This is important because in many cases, the success of any treatment depends on early diagnosis. However, the researchers don’t believe this will lead to the use of dogs in the clinic soon, rather they want to find out which chemicals are actually sensed by the canines, because they could be used in laboratory assays. “It’s not like someone would start chemotherapy based on a dog test,” Dr. Gansler of the American Cancer Society said, “They’d still get a biopsy.”.

The researchers were inspired by anecdotal reports about dogs detecting cancer. In 1989, a British women consulted with her family physician because her Dalmatian kept licking a mole on her leg. At biopsy it showed to be malignant melanoma. When diagnosed too late this form of cancer has a poor survival rate, but in this case early surgery was made possible, and the women survived. Prior studies showed that breath samples from patients with lung cancer or breast cancer contain distinct biochemical markers. This provides a basis for the hypothesis that some cancer types produce volatile chemicals that dogs could smell. A study published in the British Medical Journal already proved that dogs could use their exquisite sense of smell to detect bladder cancer in urine samples, but they were only correct in 41% of cases, and another study provided preliminary evidence that dogs could detect melanomas.

This doesn’t mean you can show your breasts to your dog and it will tell you if you have cancer, other physicians caution, and scientists do not advise people to train their dogs to sniff for cancer. Unresolved issues from the study include the fact that subjects were required to breathe deeper than normal, so it’s not sure whether dogs can smell cancer in normal breath. Also, whether this is a permanent skill that would be retained by dogs was not tested.

Finally, there are concerns that could arise over liability issues: who would be responsible when the dog makes a mistake?

Current detection methods for both lung and breast cancer are not flawless. For lung cancer, chest X-ray and sputum cytology (detecting cancer cells in coughed up fluid) fail to detect many early cases, and CT scan produces many false-positive results unless combined with expensive PET scans. Although it might be comparing apples and oranges, a $2.5 million CT scanner has an accuracy of 85 to 90%. Mammography also produces false-positive results, and it may be difficult in women with dense breast tissue. As such, another type of “pet”-scan, using dogs as a biological assay, might prove feasible for screening if supported by further research. Current tests are also expensive so the use of dogs for preliminary cancer testing could prove to be an affordable alternative for countries in the developing world.

Tuesday, April 24, 2007

The United States Coast Guard (USCG) has seized 20 tons or nearly 40,000 pounds of cocaine with a street value of over US$500 million in what authorities call one of the largest cocaine busts in history.

Three busts in total were made in a period of nearly one month. The first on February 19, off the coast of Mexico, March 18 off the coast of Panama and on March 25, also off the coast of Panama.

In the first bust on February 19, “the Ecuadorian-flagged fishing vessel Don Juan K was approached in the Pacific Ocean February 19 off the coast of Mexico while allegedly offloading cocaine into “go-fast” (cigarette-style boat) boats. The fishing vessel’s crew apparently set fire to Don Juan K in an attempt to destroy the evidence and flee in the go-fasts. The USCGC Sherman stopped the go-fasts and recovered about 900 pounds of cocaine as Don Juan K sank. The 14 crew members are being processed for further legal action,” said a statement on the USCG’s website.

The second bust on March 18 yielded nearly 40,000 pounds of cocaine.

“The 330-foot Panamanian-flagged motor vessel Gatun was interdicted in the Pacific Ocean Mar. 18 off the coast of Panama while heading north toward the United States. Sherman’s crew stopped and boarded the vessel and found 765 bales of cocaine weighing approximately 38,000 pounds in two shipping containers. Gatun was escorted back to Panama and its 14 crew members processed for further legal action,” added the statement.

In the third bust on March 25, at least 2,000 pounds of cocaine was seized, also from a ship off Panama’s coast.

“[The] Sherman’s crew stopped and boarded a small stateless go-fast in the Pacific Ocean Mar. 25 off the coast of Panama following a short chase, in which, the go-fast attempted to flee at a high rate of speed. Approximately 2,000 pounds of cocaine was found aboard the go-fast and its four crew members were processed for further legal action,” said the statement.

Several agencies both in the U.S. and in other countries in Central and South America and will continue to investigate the extent of the drug ring.

“The Coast Guard works in close coordination with Joint Interagency Task Force South, U.S. Attorney’s office, Panama Express South, DEA, FBI, Bureau of Immigration and Customs Enforcement, and Customs and Border Protection, as well as the Departments of Justice, State and Homeland Security on counter drug operations in the Pacific Ocean near Central and South America. These drug smuggling routes are some of the most active, yielding roughly 70 percent of the cocaine seized annually by the Coast Guard,” added the statement.