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Wednesday, March 12, 2008

The body of a man was discovered on a street in Lancaster, California around 1:45 a.m PDT (UTC-7) Tuesday morning with an arrow stuck deep into his chest. Sheriff’s deputies who responded to the crime scene at 13th Street and Avenue K initially thought the victim to have been homeless, but he was later identified as Angel Martinez, age 62, who resided in Lancaster.

“Who would want to do something like that to an elderly person?” said Tony Martinez, a local resident who was among those who found the victim. “And what was an elderly man doing out here anyway that late?”

The attacker, who struck by night, is being sought by authorities.

Thursday, August 9, 2007

During heavy rainstorms that flooded rail lines and subways, a tornado touched down in New York City, the National Weather Service reports. It sustained winds around 111 mph to 135 mph, causing damage to buildings and vehicles. Starting from the Bay Ridge area, the tornado continued for two miles through Brooklyn. At least one person was killed.

The roof of a Nissan dealership had been ripped off, as was that of a Brooklyn church. At least 16 homes were damaged.

Torrential rain had drenched the region early Wednesday, causing delays at Newark, JFK, and LaGuardia airports. Wind and rain caused major slowdowns in the mass transit lines, virtually halting services. The brunt of the storm struck the city during morning rush hour, a time when hundreds of thousands of vehicles and people are in transit to work. Police Commissioner Raymond Kelly said that in some flooded subways, police resorted to crowd control tactics to stop rioting.

Trees were torn from the ground and some cars were crushed.

In a damage assessment tour of Brooklyn, Mayor Michael Bloomberg remarked, “I don’t know that God had rush hour in mind when the storms hit.”

The Metropolitan Transit Authority expects service to return to normal by Thursday. At a press conference MTA chairman Elliot “Lee” Sander said the pumps located citywide in the rail and subway lines are adequate to handle 1.5 inches of rain per hour. He said the rain, however, came “too fast and with little warning.”

“The storm took us by surprise because it was not predicted by the National Weather Service.”

Sunday, July 6, 2008

At least eight construction workers have died and thirteen more are injured after a building collapsed during construction in Qiuzhigou Village, a suburb of China’s Wuhan City. It is unclear how many more if any are trapped as the project’s coordinator fled and is being sought by police.

The collapse occurred at 5 p.m. local time yesterday and reduced the four-story structure to a five-metre pile of rubble. The building was a private residence and was illegal as authorities had not been informed of it. Its location in an area accessible only via narrow alleys is hampering search and rescue efforts as heavy equipment such as cranes is having difficulty reaching the scene.

Around 100 rescuers continue to pick through the rubble in the rain. An investigation has been launched.

Tuesday, April 27, 2010

Dale Ogden, a 2010 California gubernatorial candidate, talks with Wikinews reporter Mike Morales about his platform.

Ogden is a member of the United States’ Libertarian Party.

Friday, February 9, 2007

The first large-scale trial of a vaccine for HIV has been launched in South Africa. About 3,000 HIV-negative people will be administered the test vaccine MRKAd5 HIV-1 created by the pharmaceutical company Merck. The study will examine if the vaccine prevents infection or lowers HIV levels in those who do get infected.

A parallel study will also be conducted in the United States and South America, to compare the vaccine’s effectiveness on various strains of HIV. The vaccine’s functioning in a heterosexual population and its effectiveness among women will also be studied. Preliminary trials for the vaccine have been conducted in the Americas and Australia as well as in Africa.

AIDS is estimated to have killed 25 million people worldwide since 1981, and between 33 and 46 million more are estimated to be infected with HIV, more than half of them in Sub-Saharan Africa. Between three and six million people are thought to have been infected in 2005.

The trial, named the Phambili (“Going forward”) Trial, is being conducted by the International HIV Trials Network and the South African AIDS Vaccine Initiative (SAAVI).

The vaccine has been developed from an adenovirus, a type of virus that causes the common cold. The virus has been genetically engineered to prevent it from causing the flu or from passing on from person to person. Instead, three genes of the HIV virus have been introduced into the adenovirus. When the vaccine containing these genes is injected into the body, it is hoped that the body’s immune system will learn to recognise and kill cells that contain the vaccine, thereby also developing an immune response against the HIV virus, which also contains these three genes.

The three genes, called gag, pol and env contain information needed to make the structural proteins for the capsid, the “shell” of the HIV viron. The vaccine does not contain the remaining six HIV genes that cause HIV to infect cells, replicate and cause disease.

The vaccine does not contain any live HIV and therefore cannot cause any infection, SAAVI said in a press release, adding that the vaccine was found to be safe and produced an immune response against HIV in earlier trials.

SAAVI has expressed its commitment to the “highest level of preventive care” for those who take part in the trial, promising “extensive, state-of-the-art” counselling as well as some forms of medical care and for those taking part, through the duration of the trial.

The trial starts a week after a different trial, involving a microbicide gel called Ushercell was stopped after more women who used the gel were found to be infected compared to those who were given a dummy gel as placebo. Eleven previous trials of the gel had not shown any problems, the chief scientist for the trial in South Africa told Business Day.

The trial is expected to cost $35 million and SAAVI will be supported by Eskom and the South African government.

Sunday, July 8, 2007

The United Nations High Commissioner for Refugees (UNHCR) called on the international community to increase aid and assistance to the two countries shouldering the bulk of displaced Iraqis. Syria and Jordan have received the largest number of Iraqi refugees and are having difficulty coping with the numbers.

The appeal was made by UNHCR spokesman Ron Redmond at a press conference on Friday at the Palais des Nations in Geneva, Switzerland. He criticized governments for earlier expressing concern and pledging support for the refugees but not following through on promises. “Syria and Jordan have still received next to nothing in bilateral help from the world community,” said Redmond.

There are an estimated 2 million Iraqi refugees total in Syria and Jordan with the numbers increasing daily. Each day, Syria receives approximately 2,000 Iraqis and, of those, about 1,000 will stay for an extended time. There are a further 2 million displaced Iraqis who move and settle in safer areas within Iraq.

The large numbers of refugees is putting pressure on the infrastructure of the host countries, resulting in difficult living conditions for the inhabitants. Ron Redmond acknowledges that some US$70 million in donations have been received by the UNHCR, and a further $10 million promised since the Iraq displacement conference in April, 2007. He points out, however, that much more is required. “We stressed then and we say it again, donors must provide direct bilateral support to these host countries whose schools, hospitals, public services and infrastructure are seriously overstretched because of the presence of millions of Iraqis they have so generously welcomed,” said Redmond.

Schools are particularly difficult to set up and staff in a refugee situation. Syria has currently hundreds of thousands of Iraqi refugee children, but only has resources for 32,000 students. Syria offers free access to public schools for refugees, but doesn’t have the infrastructure to cope. Some 14,000 Iraqi refugee children in Jordan attend school, out of the possible 250,000. The refugee children in Jordan don’t have access to public schools and instead go to private schools. UNHCR is partnering with UNICEF to provide 150,000 classroom spots in Syria, Jordan and Lebanon, but the coordination of the required resources, such as buildings, teachers, and school supplies is proving difficult.

Health issues for the refugees is also a concern. UNHCR has set up three primary care medical facilities in Syria, with two more in the works. But approximately 10,000 Iraqis per month require a doctor’s attention, 3,000 of which require serious medical treatment.

“It is unconscionable that generous host countries be left on their own to deal with such a huge crisis,” said Ron Redmond at the press conference. “We strongly urge governments to step forward now to support them in dealing with this situation and renew our call for international solidarity and burden sharing.”

The president of Refugees International, Ken Bacon, agrees that a more comprehensive approach to the situation is required and believes that it would be good investment for the United States to increase its aid to the region. “The United States ought to be pumping money into Jordan and Syria,” Bacon suggests. He feels that the sheer numbers of refugees can have a destabilizing influence in the Middle East. However, the complicated diplomatic relationship between the U.S. and Syria has resulted in slow progress, according to Bacon, as bilateral discussions have not taken place and the UN is forced to mediate.

Both Jordan and Syria have put in place new entry and residency conditions, which has resulted in thousands of refugees being stranded on Iraq’s borders. Families have been separated based on a person’s age and type of passport held. Jordan and Syria have not signed on to the UN Convention Relating to the Status of Refugees.

The non-governmental organization Human Rights Watch has been critical of Jordan and Syria on their policy of returning refugees, saying they “are violating on a daily basis the most fundamental principle of refugee protection – nonrefoulement, which prohibits the return of refugees to persecution or serious harm.”

To gain access to Jordan, Iraqi refugees must be over 40 or under 20, and must prove they have sufficient funds to support themselves in the country. They must also be in possession of a new generation passport.

Nasser Hikmat Jaafar drove 900 km from Baghdad with his family to reach Jordan in mid-June, 2007. Half of his family was refused entry to Jordan. “They allowed entry just for my wife and two daughters and denied me and my three sons. They didn’t tell us the reasons, but just said they are fed up with men of such ages [between 20 and 40 years old],” said Jaafar. He changed plans and traveled with all his family to the Syrian border, a distance of approximately 500 km from Iraq’s Jordanian border.

Syria has less restrictions on gaining entry, but has imposed residency conditions. Refugees can only stay up to three months and must then leave Syria and re-enter to be eligible to stay for another period.

The United States government has a program set up for Iraqi asylum seekers in Jordan who meet specific criteria. If they meet the requirements, listed below, they may be eligible for resettlement under the United States Refugee Admissions Program (USRAP).

Interested asylum seekers are encouraged to apply directly with the U.S. Overseas Processing Entity (OPE) in Amman, Jordan, which is operated by the International Organization for Migration (IOM). Individual Iraqis and their immediate family that meet one of the conditions below may seek access through the direct program:

• Individuals who worked on a full-time basis as interpreters/translators for the U.S. Government or Multi-National Forces (MNF-I);
• Locally Employed Staff (LES) engaged by the U.S. Government under the authority of the Chief of Mission or the Coalition Provisional Authority (CPA); or
• Surviving immediate family members of interpreters/translators or LES.

According to the U.S. government information on the process, those individuals initiating a case with the OPE will not be guaranteed an interview for resettlement in the United States. Applicants would be screened for eligibility as per the requirements listed above and are subject to approval.

In a February 14, 2007 press briefing, U.S. Under Secretary for Democracy and Global Affairs Paula J. Dobriansky addressed the Iraq refugee crisis. “Our key immediate objectives are to assist internally displaced Iraqis and Iraqi refugees by building up the capacities of UN agencies and NGOs,” said Dobriansky. “This includes increasing opportunities for permanent resettlement for the most vulnerable Iraqis, to establish specialized programs to assist Iraqis who are at risk because of their employment or close association with the United States Government, to work diplomatically with regional governments through bilateral and multilateral channels to uphold the principle of first asylum,” she continued.

In the February press briefing, the U.S. committed to receive 7,000 Iraqi refugees by fiscal year end, September 30, but clarified that perhaps only half that number would be “travel-ready” subsequent to the interview process as described above. The U.S. could accommodate 20,000 to 30,000 Iraqi refugees per year without difficulty, according to Ken Bacon of Refugees International.

To date, the U.S. has allowed 750 Iraqi refugees into the country.

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Thursday, November 7, 2019

On Monday, Hungarian daily newspaper Magyar Nemzet revealed a deal whereby, on October 29, Hungarian state-owned enterprise HDT Védelmi Ipari Kft. (HDT Limited) acquired Austrian mortar and shell manufacturer Hirtenberger Defence Group. Hirtenberger Defence Group also acknowledged the deal.

In the deal, Austrian, United Kingdom and New Zealand production sites are to be kept, with market sales expected to cover for the price in the long run. A government-guaranteed loan covered the costs, but the exact figure was kept secret.

The November 4 issue of Magyar Nemzet published an interview with Gáspár Maróth, the Hungarian Government commissioner responsible for defence, defence industries and coordinating defence modernization, in which the deal was announced. On the same day, the Hirtenberger Defence Group issued a corresponding press release.

While not naming any other bidders, Maróth said the Hungarian bid won after lengthy negotiations, out of mulitple competing offers. He said he expects no political turmoil between the neighboring Austria and Hungary over the sale. He also noted the acquisition fits into the Hungarian “outward investment” ^{((hu))Hungarian language: ?t?kekihelyezési} strategy of Prime Minister Viktor Orbán.

The Austrian partner asked for the price to be kept secret, but the commissioner stated the purchase was financed by a loan, so it is not a burden on the state budget. With government resolution No. 1430/2019, the state issued an indemnity bond to cover for HDT’s 38.8 million euro loan, and daily Népszava covered the story with a headline pointing out that amount as the presumed price. The creditor Hungarian Development Bank is state-owned as well. Already-queued orders won’t leave idle capacity for some years, Maróth said, and paying back this loan seems realistic; unnamed industry experts called this dubious to Népszava, as the market is saturated and margins are thin, while noting this kind of equipment is needed by the Defence Forces.

The company structure remains unchanged and all sites continue to operate, but Hungarian engineers are to join the research and development team. Maróth pointed out it would have been much more costly and time-consuming to research mortar technology than to acquire it this way. He noted, “the army modernization does not just cover buying ‘hardware’ but technology transfer as well.” ^{((hu))Hungarian language: ?a hader? modernizációja a „vas” megvétele mellett a tudástranszferre is kiterjed.}

Népszava noted the purchase appeared to circumvent the Ministry of Defence. HDT Limited was registered on August 6, 2019 and is under the aegis of Hungarian National Asset Management, Inc.

To modernize its military, in 2018, Hungary licensed Czech firearm technology and started assembling firearms in Kiskunfélegyháza, then agreed with Airbus to open a helicopter parts factory as a joint venture in Gyula.

US President Trump has called for NATO members to increase military spending. According to a March 14, 2019 NATO press release, Hungary spent an estimated 1.15% of its GDP on military expenditures in 2018; NATO guidelines call for 2%. Maróth noted the military had been “effectively disarmed” ^{((hu))Hungarian language: ?gyakorlatilag lefegyverzett} by 2010, when Viktor Orbán regained the prime ministry of Hungary for his second term. Hungary launched a military development program dubbed “Zrínyi 2026” in 2017 to address structural and financial challenges faced by the Defence Force and to renew its equipment.

Tuesday, June 19, 2007

Ousted and living in exile, with assets frozen in Thailand, former Thai prime minister Thaksin Shinawatra was ordered today by the Royal Thai Police to appear on charges related to the sale of some of his family’s stock holdings.

The order adds to mounting, increasingly complex legal troubles for Thaksin, the telecommunications billionaire who led Thailand until he was unseated in a coup last year.

Thaksin and his wife, Potjaman Shinawatra, who are both outside of Thailand, were both ordered to present themselves to the Department of Special Investigation (DSI) by June 29 at the latest. A relative of Potjaman’s, Busaba Damapong, was also ordered to appear.

“If they intentionally fail to appear, we must issue an arrest warrant,” DSI chief Sunai Manomai-udom was quoted as saying by Agence France Presse.

Noppadol Pattama, Thaksin’s lawyer and spokesman in Thailand, could not say when his client would return.

“We will have to seek legal consultations among the lawyers. His security is only one factor. We will have to see what our options are and consult with him as well,” Noppadol was quoted as saying by Associated Press.

Last week, interim Prime Minister Surayud Chulanont and the junta’s leader, General Sonthi Boonyaratglin, both said Thaksin could return to Thailand of his own free will, in order to appeal the seizure of his assets. But later, Sonthi said Thaksin might face harm if he returned too soon.

The latest charges relate to the transfer of shares in 2000 in a real-estate company called SC Asset to a British Virgin Islands-owned company called Win Mark. Police say the Shinwatras’ controlling ownership of SC Asset was illegally concealed through nominees. Potjaman’s relative, Busaba Damapong, served as executive director of SC Asset.

Through nominee companies and disclosed shares, Sunai said, the Shinawatra family owned 79.87 percent of SC Asset. “Not only did they have control of a majority stake but also control over board decisions,” Sunai told Associated Press.

They broke the law in failing to report their ownership in SC Asset and failing to report the transfer of the shares, Sunai said. They could face five years in prison and fined at least 500,000 baht (about US$15,000), Sunai added.

Thaksin is also supected of violating the prohibition on Cabinet members holding shares in publicly traded companies, and could face up to ten years in prison and a 1 million baht fine for that.

Potjaman and Thaksin were also charged yesterday over the purchase of a 13-acre tract of land along Ratchadaphisek Road near the Thailand Cultural Centre in Bangkok.

The Office of the Attorney General says Potjaman purchased the land in an auction that was possibly rigged. Valued at 2.1 billion baht before the 1997 Asian financial crisis, and 870 million baht after, Potjaman purchased the land in 2003 for 772 million baht.

The Attorney General’s office is recommending to the Supreme Court that the land be confiscated by the government.

Potjaman is also sought in Thailand to testify before the Assets Examination Committee (AEC) on the sales of her family’s Shin Corporation stock to Singapore-owned Temasek Holdings.

She sent word today that she is seeking medical treatment for headache and irregular heartbeat in Raffles Hospital in Singapore, and that she asked the AEC to delay the hearing.

Potjaman appeared in court last month to plead not guilty to charges of tax evasion in the sale of Shin Corp. stock to Temasek.

The AEC yesterday ordered an additional seven bank accounts seized after it was discovered that the accounts are controlled by the Shinawatra and Damapong families. The accounts contain 8 million baht that was feared missing last week after the AEC ordered 21 of Thaksin’s bank accounts frozen. The 8 million baht had been transferred just before the AEC’s order, to the other seven accounts.

Authorities have frozen a total of 52 billion baht, or about US$1.6 billion, frozen, money they say came from the Shinawatra family’s sale of Shin Corp. stock to Temasek. The stock sale prompted mass protests against Thaksin last year and was one of the factors in the coup that overthrew his government. The authorities also believe that the Shinawatras and the Damapongs have 73 billion baht from the stock sale remaining in Thailand, and officials are still hunting for another 21 billion baht to seize.

Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.