Sunday, October 5, 2008

Independent U.S. presidential candidate Ralph Nader had harsh words for the Democrats who engineered yesterday’s passage of the Emergency Economic Stabilization Act of 2008, a bailout of the U.S. financial system. At a campaign stop in Waterbury, Connecticut on Saturday, Nader said that Democrats passed up a chance to enact re-regulation of the financial system and instead gave Wall Street everything it wanted.

According to Nader, Senator Chris Dodd (D-CT), Representative Barney Frank (D-MA), and other Democrats considered but rejected measures such as a tax on transactions of derivatives (a “speculation tax”) because of their financial ties to Wall Street and its lobbyists. He said that Representative Chris Murphy (D-CT), who represents Waterbury, had “become a toady” of Nancy Pelosi. He drew enthusiastic applause by calling Murphy “a dynamic fraud”, and referred to Senator Joe Lieberman as “the Hermaphrodite of American Politics”. For Murphy and Representative Chris Shays (R-CT), Nader said, supporting the bailout despite the opposition of constituents was a “profile in betrayal”. Because there were no public hearings where taxpayers and experts could weigh in on the bailout, Nader characterized it as a return to “taxation without representation“—under “King George IV” 225 years after the 13 colonies were taxed under King George III.

Asked about causes of the financial crisis, Nader pointed to the deregulation of the financial sector with the 1999 Glass-Steagall Act and further deregulation in 2000, as well as the rise of overly complex financial derivatives. He outlined a four-part reform plan:

1. Re-regulation of financial markets
2. Increasing shareholder control of corporations
3. Taxpayer equity as part of any bailout, as in the 1979 bailout of Chrysler Corporation
4. Making speculators pay by enacting a 0.1% tax on derivatives transactions (which Nader said will amount to over $500 trillion this year)

Regarding the equity warrants included in the passed bailout, Nader relayed word from an unnamed source that Treasury Secretary Henry Paulson had told Wall Street executives “don’t worry, it’s not enforceable”.

Nader told reporters that he had abandoned the Green Party because “Greens are not disciplined, and they’re not mature”, and also lack the fund-raising capabilities to break into mainstream political discussions. “They bicker and bicker,” he said, pushing out their best people. However, he endorsed several local Green Party candidates, including Chris Murphy’s opponent Harold Burbank.

The virtual media blackout for third party campaigns by national newspapers and networks has been a source of continual frustration for the Nader campaign, as well as the campaigns of Libertarian Bob Barr and Green Cynthia McKinney and the post-campaign activities of Republican Ron Paul. According to Nader, reporters tell him that editors of national media are “very bigoted against third party and independent candidacies”. Even journalists for taxpayer-supported media, such as National Public Radio‘s Terry Gross and the Public Broadcasting Service‘s Jim Lehrer, have shut him out during this campaign. Debates, he lamented, are controlled by corporate interests through the Commission on Presidential Debates.

Nader spoke to a supportive crowd of about 60 people and his campaign raised over $2000 at the event, their third visit to Waterbury. The event took place in the former building of a closed-down bank.

Monday, June 30, 2008

Vastly different from the YODEX, mainly focused on students’ designs, the 2008 2nd Taiwan Designers’ Week, a collective show organized by Taiwan Designers’ Web for industrial designs and individual design studios, took place at the Xinyi Public Assembly Hall, formally known as “Si-Si Nan Cun (in Chinese: ????)” and entitled the theme of “Design & Beyond”.

This professional exhibition featured topical designs including “Play with the Eating Culture”, “Wall”, “The Story of Paper-Cutting”, “Basket”, “Between On and Off”, “50 Pleasures in the Study – Dian Shin Refreshment 2008”, “Reincarnation”, and “NoName Design”, at Xinyi Public Assembly Hall; “City Yeast 2008?Balcony Project” at Xue Xue Institute from June 26th to July 8th; “Having A Perfect Life Is Easy” at Taipei Artist Village from June 27th to July 7th. In addition, The XRANGE Studio also created a giant floating cloud at Central Square of Xinyi Public Assembly Hall.

Innovative designs in this exhibition showcased different topical elements on environment, modern lifestyle, current incident, and subculture. Those reflect the achievements by professional designers in Taiwan as Taiwan’s designs were affirmed in several international design competitions including G-mark, Red Dot, and iF.

After this exhibition, Taiwan Design Center, the show co-organizer, scheduled several upcoming competitions and shows from this August to October including “Taiwan Design Expo”, “Taiwan Design Award”, “Taiwan International Design Competition”, and “Creative Taiwan”.

Sunday, September 6, 2009

24-year-old Aman Kassaye, of no fixed abode, is to face a charge of attempted murder for his alleged role in an armed robbery that netted £40 million ($65 million) worth of jewelry from a London store.

Kassaye is the seventh man to be charged, and is also facing prosecution for conspiracy to rob the Graff store in New Bond Street, false imprisonment, and using a handgun to resist arrest. He will appear at Wimbledon magistrates court on Monday.

The other six men have already been remanded in custody until October 23, when they will appear at Kingston Crown Court. All are facing charges of conspiracy to rob, and two of them are also charged with a firearms offense.

43 diamond rings, watches, and bracelets were taken from the store. The theft occurred when two armed and suited men walked in and took an employee hostage. It has been reported they used prosthetic masks made from liquid latex but police have not confirmed this. Amateur footage also shows a shot was fired. No-one was injured.

The robbery is one of the biggest the United Kingdom has seen. After the crime a string of getaway vehicles was used, with police believing several more offenders assisted with this stage of the plan. Although The Telegraph claims no stolen property has yet been recovered, this is also unconfirmed by police.

Friday, March 6, 2009

The official unemployment rate in the United States increased to 8.1% (seasonally adjusted), the highest level in over 25 years, after the Labor Department reported that 651,000 jobs were lost in February. The U-6 unemployment rate, an alternative measure also published by the Bureau of Labor Statistics that includes other categories of unemployed and underemployed workers, was reported to be 16%.

The US economy has now shed 4.4 million jobs since the recession began in December 2007. Half of the job losses have come in the last four months, and the unemployment rate has jumped by 3.3% in the past year.

The Federal Reserve says that it doesn’t expect the jobless rate to fall below seven percent until 2011.

The professional and business service sector lost 180,000 jobs last month, while manufacturing shed 168,000. The construction industry has lost 1.1 million jobs since January 2007 and 104,000 jobs last month. At the same time, the financial sector lost 44,000 jobs, bringing the total to 448,000 lost jobs since a peak in December 2007.

“The construction industry is in a near depression,” said the General President of LIUNA, Terry O’Sullivan.

“We are staring into the abyss. The recession is intensifying and the economy is rapidly shrinking,” said Steven Wood of Insight Economics.

US stock markets opened higher after the report.

Wednesday, May 24, 2006 British sailor Adrian Flanagan, seeking to become the first person to single-handedly circumnavigate the globe in a north-south direction, set sail from Honolulu on May 17 after a nine-day stop for supplies and repairs to his boat.

Flanagan had spent his stay as a guest of the Waikiki Yacht Club, which arranged for emergency repairs to his boat.

Flanagan, 45, left England on October 28, 2005, headed south through the Atlantic and around the coast of South America. His boat, the 40-foot vessel Barrabas, suffered structural damage during stormy weather around Cape Horn at the southern tip of South America, as a loose wire cut a gash into the mast of his boat. He also suffered dislocated wrists while navigating through the storm.

Flanagan had initially sought to become the first person to circumnavigate the globe solo without stopping, but the stop in Honolulu brought that goal to an end. When Flanagan reached Hawaii, he had traveled 18,221 miles (29,318 km), becoming the first person to sail solo from Britain to Hawaii westward via Cape Horn.

Flanagan said it had been a dream since he was 15 to be the first to sail the world through the frigid Arctic Ocean instead of the more traditional Pacific/Atlantic route.

The next major landmark on Flanagan’s journey is the Bering Strait. According to Flanagan, to successfully navigate the Arctic Ocean, he would need to reach the Bering Strait by July 15. He hopes to travel along the northern coast of Russia to the United Kingdom, conditions permitting.

Wednesday, October 28, 2009

Pakistani officials have said that at least 100 people were killed and over 200 injured after a car bomb exploded in a marketplace in the city of Peshawar on Wednesday. The attack was the deadliest in the country in this year.

Initially, large fires were reported to be burning around the marketplace, which was crowded with people. The flames spread easily because there were many stores in the area selling flammable fabrics. Police said the blast was heard throughout most of the city, and the explosion reportedly left a hole in the ground up to ten feet wide.

The Associated Press reported that many of the victims are women.

“There was a huge blast. There was smoke and dust everywhere. I saw people dying and screaming on the road,” said an eyewitness, Mohammad Siddique, to the Agence France-Presse news agency.

Several buildings collapsed as a result of the detonation, and rescue workers searched through the rubble looking for survivors beneath the debris.

Muzamil Hussain, a member of local medical staff, described his experiences to the Associated Press: “There were a lot of wounded people. We tried to help them but there were no ambulances so we took the victims on rickshaws and other vehicles. There were no police. The police and government didn’t help us, the police even opened fire on us.”

“Bodies are scattered and badly burned because of the fire caused by the explosion. The explosion took place in a very crowded market,” Mohammed Naeem, a spokesman for a local ambulance service, said.

Some people expressed anger that the bombings managed to be carried out in broad daylight in a crowded area. “What kind of security alert is this? It was an explosives-packed car. Look at the mosque, it ceases to exist anymore. For God’s sake, do something,” said a local middle-aged shopkeeper, as quoted by the CNN news agency.

A state of emergency at the Lady Reading Hospital in Peshawar, where many of the wounded people were hospitalised, was called soon after the explosion. Hospital officials appealed to the public and to other medical centres for blood donations.

The bomb attack happened just hours after Hillary Clinton, the United States Secretary of State, flew to the nation to discuss peace with Pakistan’s military commanders and political figures. Clinton will be in Islamabad for three days.

Clinton condemned the attack. “These attacks on innocent people are cowardly. They are not courageous. If the people behind these attacks were so sure of their beliefs, let them join the political process,” she said.

The bombing also comes just days after Pakistani military forces captured the town of Kotkai, the hometown of Taliban Chief Hakimullah Mehsud, and one of his top officers, Qari Hussain.

Monday, December 24, 2012

Two cars have been involved in a road traffic accident in the Scottish Lothian and Borders region, causing three fatalities and sending three to hospital. The incident occurred on the A68 road approximately 1.5 miles south of the Midlothian village of Pathhead when a Škoda Octavia and a Nissan Note travelling in opposite directions collided at approximately 0730 UTC today.

The Nissan, which was carrying five occupants, overturned and came to rest on its roof. Three male Buddhist monks who sat in the back of the car died at the site of the crash. The female driver of the vehicle managed to get out of the vehicle herself but another male passenger in the front of the car had to be cut free by fire service members. The two front-seat passengers as well as the male driver of the Škoda were hospitalised at the Royal Infirmary of Edinburgh, although none of their injuries are considered likely to be fatal.

“This is a tragic incident,” Inspector Simon Bradshaw of Lothian and Borders Police said, “and we are currently in the process of carrying out inquiries in order to establish the full circumstances of the collision.” The A68 road close to the location of the accident was temporarily closed to allow police to investigate the incident, with traffic redirected to the B6370 road via the town of Gorebridge. The road has since reopened.

Saturday, January 30, 2010

The automobile manufacturer Toyota has said that it will recall up to 1.8 million cars across Europe, after a problem with the accelerator pedal was discovered.

According to the firm, eight models were affected by the problem — AYGO, iQ, Yaris, Auris, Corolla, Verso, Avensis, and RAV4 — after it was discovered that the accelerator may become stuck in a depressed position, resulting in uncontrollable speeding.

On Thursday, Toyota said it would recall 1.1 million cars in the US; a day previous, it had suspended eight models from sales. Last week, 2.3 million cars in the US were recalled due to the pedal issues.

The chief executive of Toyota Motor Europe commented on the recall. “We understand that the current situation is creating concerns and we deeply regret it,” said Tadashi Arashima. The firm, however, noted that it wasn’t aware of any accidents resulted by the malfunctioning accelerator pedals, and not many pedal problem incidents were reported in Europe. “The potential accelerator pedal issue only occurs in very rare circumstances,” Arashima added.

The National Automobile Dealers Association, meanwhile, commented that Toyota showrooms could lose as much as US$2.47 billion worth of revenue due to the incident.

“Toyota veterans will likely hear the news with disbelief and keep faith in the brand, but new customers could definitely be scared off,” remarked Robert Rademacher, who is the president of the trade group ZDK, as quoted by Business Week. “This recall has a dimension which we’ve never seen before.”

There are concerns that the problem may result in reduced consumer trust in Toyota. Hans-Peter Wodniok, an analyst for Fairesearch GmbH & Co. in Germany, noted: “If this is a one-time event, huge as it is, Toyota may be forgiven. But if something happens again in the next months and years, they will have gambled away customer trust in Europe as well.”

Analysts for Morgan Stanley, however, said they believed Toyota would not suffer much from the incident. “The company’s actions to correct the situation are timely enough to avoid major brand damage,” they remarked in a note to investors.

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.