Author: Admin

Friday, July 15, 2011

On Tuesday, the Euro fell to a new record low in relation to the Swiss Franc, and to multi-month lows against the U.S. Dollar and Japanese yen; all considered by investors to be safe currencies during times of economic turmoil.

The Wall Street Journal reported earlier that recent comments from the newly installed head of the International Monetary Fund, France’s Christine Lagarde, resulted in a sell-off of the Euro. At a roundtable discussion in Washington, Lagarde noted that the IMF had not yet reached discussion of terms and conditions of a second Greek bailout plan. In fact, a representative from the IMF is currently meeting with Eurozone policymakers to draft such a new proposal. The yield differential between Italian bonds and German bonds has spread to more than 300 basis points, something not seen in over a decade and evidence of investors’ concern.

Adding to the Euro’s woes is the upcoming release of the bank stress tests on Friday. The European Bankers Association said that they expect the data release to shed new light on the Eurozone’s banking situation. Representatives of several of the Eurozone’s governments, including Germany, have requested that the association consider releasing fewer specific details for fear that investor panic will ensue. The inadequacy of the capitalization rates has been an issue with the European Central Bank, whose president recently called upon Eurozone banks to make every effort to put their balance sheets in order.

For the time being at least, an unsubstantiated rumor reported by the Wall Street Journal states that the Eurozone’s central banks’ purchase of periphery debt has helped to quell the downward momentum of the Euro.

Thursday, April 1, 2010

US President Barack Obama has announced that he will ease the country’s ban on offshore oil drilling, which has been in place since the 1980s.

According to the plan, offshore drilling would now be allowed in parts of the Atlantic, from Delaware down to 125 miles beyond the shoreline of Florida, in the eastern Gulf of Mexico.

The move, however, does have some restrictions; drilling further northeast or along the West Coast is still prohibited. Contracts in Bristol Bay, Alaska were also suggested, but were scrapped due to environmental concerns.

The president remarked that he decided the move was needed to lessen the country’s need for additional energy, adding that he had studied the issue for over a year. “This is not a decision that I’ve made lightly,” he said.

“We’re announcing the expansion of offshore oil and gas exploration but in ways that balance the need to harness domestic energy resources and the need to protect America’s natural resources,” Obama continued, speaking at Andrews Air Force Base in Maryland. “My administration will consider potential new areas for development in the mid and south Atlantic and the Gulf of Mexico.”

“Drilling alone can’t come close to meeting our long-term energy needs, and for the sake of our planet and our energy independence, we need to begin the transition to cleaner fuels now. I know that we can come together to pass comprehensive energy and climate legislation that’s going to foster new energy — new industries, create millions of new jobs, protect our planet, and help us become more energy independent.”

Obama said that the plan was partially intended to garner support from Republicans in Congress for a climate-change bill to lower greenhouse gas emissions, which has been languishing for months due to lack of support from Republicans.

Some environmental groups, however, condemned Obama’s move. Phil Radford, who is with the Greenpeace group, said that “[e]xpanding offshore drilling in areas that have been protected for decades threatens our oceans and the coastal communities that depend on them with devastating oil spills, more pollution and climate change.” Greenpeace also said that lifting the ban fuelled the US’ “addiction to oil”.

Republican leader for the House of Representatives John Boehner, meanwhile, said he agreed with lifting the ban in the Atlantic, but remarked that it “makes no sense” not to have lifted it in other areas as well. “Opening up areas off the Virginia coast to offshore production is a positive step, but keeping much of the Pacific Coast and Alaska, as well as the most promising resources off the Gulf of Mexico, under lock and key makes no sense at a time when gasoline prices are rising and Americans are asking ‘Where are the jobs?'”, he said.

“Today’s announcement is a step in the right direction, but a small one that leaves enormous amounts of American energy off limits,” said the Senate Minority leader, Republican Mitch McConnell.

According to the US Minerals Management Service, the eastern Gulf of Mexico and parts of the Atlantic south and east of the continent could contain up to 5.8 billion barrels of oil and 40.5 trillion cubic feet of gas. The West Coast, meanwhile, which remains off limits for drilling, contains 10.5 billion barrels of oil with 18 trillion cubic feet of gas.

Monday, October 20, 2008

A teenager, belonging to the anti-scientology group Anonymous, has admitted that he launched a distributed denial of service (DDoS) attack on the official website of the Church of Scientology, scientology.org.

Dmitriy Guzner, aged 18, will admit to the charges related to carrying out the DDoS attack. He now faces a maximum sentence of ten years imprisonment.

In response to incidents such as these, Scientology have called Anonymous “cyber-terrorists.”

A DDoS attack occurs when multiple computers are used to attack a certain website with so much traffic that it is not accessible. The hackers attack the servers taking up all the available space, preventing the legitimate user from accessing.

United States Attorney’s Office released a statement on this issue. “A New Jersey man was charged today for his role in an attack on Church of Scientology websites in January 2008 that rendered the websites unavailable,” they said. “Dmitriy Guzner, 18, of Verona, New Jersey, has agreed to plead guilty to computer hacking for his role in the distributed denial of service (DDOS) attack against the Scientology websites. “

Friday, January 19, 2007

In November 2006 Pensacola, Florida evangelist Kent Hovind and his wife, Jo, were found guilty on 58 federal counts of “willful failure” to payroll taxes, structuring bank withdrawals, and obstructing federal agents. On January 19, 2007 Hovind was given ten years in federal prison, ordered to pay $640,000 in owed funds to the Internal Revenue Service, pay prosecution’s court costs of $7,078, and serve three years parole once released. Originally in November, Hovind was ordered to forfeit $430,400 and faced a maximum of 288 years in prison.

Thursday, April 21, 2005

U.S. President George W. Bush signed into law Wednesday a major bankruptcy reform bill, making the most sweeping changes to the laws of personal bankruptcy in the past two decades. Bill S.256 is predicted to reduce the chances of filing Chapter 7 bankruptcy for 30,000 to 210,000 families per year, according to the American Bankruptcy Institute.

The legislation was strongly opposed by some consumer advocates and by some Democrats in Congress, who complained about the lack of debate on exemptions they attempted to introduce and tried to derail the passage of the bill. Those who are unable to file for Chapter 7 bankruptcy will then be forced to file under Chapter 13, which requires payment of some debts by order of a judge based on the financial resources of the debtor.

Opponents said the bill will end a chance for a fresh start in the financial lives of the American people by keeping them in debt to collection agencies, as well as credit card companies and banks who have made it easy to obtain high credit limits amid mounting consumer debt.

In his remarks before signing the bill, which he supported, Bush said, “The bipartisan bill I’mabout to sign makes common-sense reforms to our bankruptcy laws. By restoringintegrity to the bankruptcy process, this law will make our financial systemstronger and better. By making the system fairer for creditors and debtors,we will ensure that more Americans can get access to affordable credit.”

The bankruptcy bill received a 302-126 approval in the house, after receiving a 74-25 vote in the Senate last month following strong, mostly partisan debate.

The US bankruptcy system was established in 1898. It allowed judges and debtors to come to terms with the costly medical bills that can follow a relative’s death, or a family illness. Such cases form nearly half of all bankruptcies filed in the USA, according to the American Bankruptcy Institute.

Now many of those people will have to work out repayment plans suitable to creditors instead of having debts erased by a judge, according to the new law, which takes effect in six months.

In the past, a judge or court representative would calculate an individual’s income and subtract necessities of life to come up with a practical repayment plan of some debt. The new law stipulates that a graph, showing the poverty level in whichever state the consumer is living will be the criteria. It assumes that if people can subsist at that poverty level, then everything over that can be used to repay creditors.

Additionally, a provision that allowed debtors to file their own Chapter 7 fresh start bankruptcy has been changed to require a lawyer, paid by the debtor, to do the filing.

The new law also erased “usury” provisions in lending laws, with some lawmakers saying that paying 30 percent interest was not too much when a debtor was behind on payments.

But Bush said that credit will “be more affordable because when bankruptcy is less common, credit can be extended to more people at better rates,” meeting demands of the credit card companies which they have been pressing for the last eight years.

“The big winners under the new law will be the special interests that literally wrote it, particularly the credit card industry,” said Travis B. Plunkett, legislative director of the Consumer Federation of America. “This is particularly ironic because reckless and abusive lending practices by credit card companies have driven many Americans to the brink of bankruptcy.”

The forces arrayed on the losing side of this bill said it will hurt low-income working people, single mothers, minorities, and elderly and will end a safety net for people who have lost jobs or face major medical bills. People who fail (refuse) to pay or refuse to go to court will punished by a fine and or arrest warrant made out in their name. About fifty thousand Americans will be punished by a fine and or warrant about three thousand Americans every year will go to jail under the new bankruptcy law. For some people this will be a third strike so they will be put in jail for life.

But Mallory Duncan, a lawyer for the National Retail Federation, said “Bankruptcy has gone from a stigma to a financial planning tool for many.”

New personal bankruptcy filings have increased from 172,423 in 1978 to 1,599,986 last year, an increase of 828% during that time; however, it edged down slightly last year.

About 2 percent to 13 percent of those who dissolve their debts in Chapter 7 bankruptcy each year in exchange for forfeiting some assets will be disqualified from doing so under the law, according to the American Bankruptcy Institute.

Bankruptcy lawyers anticipate a rush to the courthouse to beat the six-month window before the new reforms take effect.

Wednesday, January 25, 2006

Following an explosion in November of 2005, China’s Songhua river was contaminated with nitrobenzene and similar chemicals. Its clean-up by The State Environmental Protection Administration and others was covered previously on Wikinews.

The State Environmental Protection Administration Minister Zhou Shengxian has said that “The water quality of the Songhua River will not exceed national standards on a large scale during the spring thaw, and fish in the river and from pounds along the banks are safe to eat.” Zhou further guaranteed that livestock near the river banks and products from such livestock to be safe to eat, and that the growth of crops will not be inhibited by use of water from the Songhua River for irrigation.

Concerns of residents that the possible release of remnants of nitrobenzene that may have been trapped in the ice and in the sediment might occur and endanger the safe utilization of the river after the influence of a period of being frozen have been settled.

Zhou said that research indicated only a small amounts of the toxic chemical within the ice and that the quantity that could be entrapped in the sediment was limited by its structure as composed mostly of sand. These characteristics and the inevitable high flow rate of the river once the winter’s ice melts in the spring will allow the water to be safe said Zhou, referencing an interim assessment of the river spill done by a consortium which began the assessment on December 13 2005.

Chen Jining of Tsinghua University’s Department of Environmental Science and Engineering, commented that “Even in the rare cases when levels are beyond standards in some places, we also have the technology in place for example, activated carbon to ensure safe drinking water supplies.”

Zhou has also stated that the joint program with Russia to monitor boundary rivers will continue. The front of the pollution from the explosion has been predicted to reach the estuary of the Armur river in Russia near the end of January 2006.

Tuesday, December 5, 2006

Australia has clinched a dramatic win in the second 2006-07 Ashes Test match in Adelaide. In a massive swing of dominance and control, England forfeited a huge advantage on the fifth and final day after controlling the Test for the first four.

England won the toss and batted first on the Adelaide Oval wicket. After losing a couple of early wickets, they recovered to amass 6-551 dec. spanning the opening two days. Paul Collingwood scored a patient 206, whilst teammate Kevin Pietersen built an innings of 158 in a much more brief fashion.

In response, Australia began their first innings poorly, losing Matthew Hayden before the close of play on day 2. On the morning of day 3, Justin Langer and Damien Martyn also fell cheaply. However, a captain’s effort by Ricky Ponting (142) and support by Michael Clarke (124), as well as cameos by Adam Gilchrist and Shane Warne, helped the Aussies to just shy of England’s massive total. Matthew Hoggard was the shining light for the visitors, taking 7-109.

England resumed the fifth day at 1-59, and the match looked headed for a draw. However, with some magic from Shane Warne, Australia managed to roll England for just 129 in the last over before tea, setting up a thrilling final session run chase. Warne took 4-49, and was backed up well by Glenn McGrath, who took 2-15.

Requiring 168 to win off 35 overs, Australia came out firing, scoring quickly before losing both Hayden and Justin Langer early. Ricky Ponting was joined by Michael Hussey, who was promoted to number four, and built a steady partnership before Ponting was dismissed for 49. Damien Martyn then fell cheaply, and Hussey was joined by Michael Clarke to complete the chase. The pair batted through to the total was reached, with Hussey scoring 61 not out. Australia reached the target with 19 balls to spare, at 6:45pm local time.

No team had lost after declaring on as high a total batting first as England did in more than 125 years of Tests. As a Nine Network commentator described it, “Australia has just won the most extraordinary Test match; however, it was [a Test] that England should never have lost”. Prior to the start of play, bookmakers had a draw paying $1.02.

Australia now go into the third test at the WACA ground in Perth, Western Australia knowing one more win will reclaim the Ashes urn which they lost for the first time in over a decade in England during 2005.

Wednesday, April 25, 2007

An unnamed Polish man, 35, is being treated at a hospital in London, England after he cut off his penis with a knife at Zizzi’s pizza restaurant on Strand Street in the city of Westminster.

“We were called at 9.00 p.m. on Sunday to a restaurant on the Strand to reports of a man in possession of a knife. Officers attended to discover a man believed to be 30-40 years old suffering from an injury. He was taken to a south London hospital in a stable condition. No one else was injured and his injuries are believed to be self inflicted,” said a Scotland Yard spokesperson.

Police had to use CS tear gas on the victim in order to subdue him to get him to the hospital to receive medical attention.

Witnesses say that the man came into the restaurant, picked a knife up off the floor of the kitchen and then got onto a table and cut off his penis.

“At around 9 p.m. on Sunday, a man walked into the Zizzi restaurant on The Strand, down the stairs to the basement restaurant area and tried to enter a kitchen. Members of staff stopped him, at which he ran into a second kitchen area. The man then picked up a kitchen knife and slashed himself across the wrist and groin areas before running back into the restaurant, where he continued to stab himself,” said a spokesperson for the restaurant.

Surgeons are attempting to reattach his organ in what doctors call the first time this kind of surgery has been performed in the UK. It is not yet known if the operation was successful.

“If it doesn’t take, then you would have to re-amputate it. Attaching the penis is a very long, complex and painstaking operation,” said Francis Chinegwundoh, a urologist at St Bartholomew’s Hospital which is located in London. Chinegwundoh also said that that the victim will not feel his penis and it will not be possible for him to maintain an erection unless he uses a special machine, even if the operation were a success.

Saturday, September 27, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. Liberal candidate Susan Kadis is standing for re-election in the riding of Thornhill.

During the recently disbanded session of Parliament, Mrs. Kadis was the Official Opposition Critic for National Revenue. She served as a member of the Caucus Committee on Economic Prosperity and a member of the Standing Committee on Health. She was elected as Chair of the Greater Toronto Area (GTA) Liberal Caucus. The former publisher of The Thornhill Times community newspaper, she has served as a school trustee and City Councillor. She has served on the Canadian Breast Cancer Foundation’s Board of Directors, being a survivor herself.

Wikinews contacted Susan, 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.

The incumbent in the riding, Kadis faces three challengers: former broadcaster Peter Kent (Conservative), Norbert Koehl (Green), and Simon Strelchik (NDP). The riding of Thornhill includes the part of the City of Vaughan that is east of Highway 400 and south of Rutherford Road, and the part of the Town of Markham west of Highway 404. The previous MP in the riding was also Liberal, Elinor Caplan, who was the Canadian Minister of Citizenship and Immigration and later Minister of National Revenue.

For more information, visit the campaign’s official website, listed below.

Wednesday, August 29, 2007

An English lawyer has pleaded guilty to perverting the course of justice. He faked a legal judgment and sent it to a father who was pleading in Taunton family court to be able to remain involved in his child’s upbringing. The lawyer, London barrister Bruce Hyman, now awaits his sentence. The judge indicated that he could receive a prison sentence. Bruce Hyman is well-known in media circles, having produced The Hitchhiker’s Guide to the Galaxy on BBC Radio. He also produced a series with Clive Anderson, at Above the Title Productions, called Unreliable Evidence.

The father, a former City financier, had attended a series of court hearings in order to make suitable arrangements to see his child following an acrimonious divorce. Shortly before one of these hearings he received an email, ostensibly from a self-help group to which he belonged, which had attached a Court of Appeal case that appeared favourable to an application he had made for the judge to stand down from the case. The father, who was representing himself, duly showed the case to the judge. At this point, Bruce Hyman, the lawyer representing the former wife, claimed to the judge that the case was a forgery, which indeed it turned out to be.

After confirming that the self-help group had not sent him the email, the father then embarked on some detective work his own. The fraudulent email was traced via its header to a dial-up internet connection and a phone number belonging to a shop in London. The shop was able to recover CCTV footage which showed a man sending the email from an Apple laptop. The man turned out to be Bruce Hyman.

Sentencing of Hyman is due in Bristol Crown Court on the 19th of September.